NEWS

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The natural gas injection season is upon us. The EIA reported a build of +92 Bcf in natural gas storage last week, as expected as temperatures stayed low after the extreme polar vortex cold. Ahead we focus on LNG and Mexican exports.

The world's largest oil fields service company Schlumberger reported in line Q1 earnings Thursday. The report reflected the expected reduction in North America land activity and seasonal activity in the Northern Hemisphere. SLB expects improved oil sentiment

EIA reported a draw in crude oil storage of 1396k bbls. Gasoline drew  -1174k bbls with a draw of -362k bbls in distillates last week. The shale revolution continues BUT production fell 100k from record high to 12.10 mbpd.

The US trade deficit in February was $49.4 billion down from the prior month's $51.1 billion. We saw a 10-year high deficit of $621 billion in 2018. Trade tariffs appear to be impacting China, the Chinese February trade deficit fell to -$24.76 billion from a deficit of -$34.47 billion.

Morgan Stanley reported betetr than expected first quarter earnings before the bell  Wednesday. $MS followed the other major banks; Bank of America $BAC JPMorgan Chase $JPM, Wells Fargo $WFC, PNC Financial $PNC Goldman Sachs and Citigroup $C reporting

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