NEWS

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Etsy report third-quarter earnings after the market Wednesday. Revenues are projected at over $400 million with the marketplace platform expected to have sustained momentum during the coronavirus lockdown with orders and customer relationships becoming more developed.

EIA reported a build in crude oil of +4320 kbbl, a draw of of -422 kbbl at Cushing and draws in gasoline -892kbbl and distillate -4491kbbl. US production rose 120000 kpd at 11100 mbpd as storm production returned, still off record high of 13.10 mbpd. 

The Bank of Canada left the key lending rate at 0.25 percent on Wednesday as expected. BoC will hold interest rate at the effective lower bound until economic slack is absorbed, BoC to buy more longer-dated bonds, with pace of QE to be gradually reduced to $4B week from $5B week

Software giant Microsoft reported better than expected September quarter earnings Tuesday after the close. The Azure public cloud for hosting applications and websites grew 48%, accelerating from 47% in the prior quarter, faster than the 44% growth. Server products and cloud services revenue advanced 22%.

Natural gas futures rose after a near expected build of +49 Bcf in gas storage last week and another storm worry overhung. Large movements on the spreads as concerns grow on about Biden banning Fracking.  The  focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

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