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EIA reported draws in crude and distillate storage with a build in gasoline. Crude oil inventories drew -405k bbls the government agency said. Cushing drew -961k bbls. US production sat at the new record high of 13.00 mbpd.

Natural gas futures collaped under $2 ahead of the EIA report, last week we saw a bigger than expected draw of  - 92 Bcf in natural gas storage. Ahead we focus on cold weather, LNG and Mexican exports and the winter outlook for the US.

ECB left rates unchanged as expected in December in the second month of controversial Christine Lagarde at the helm. The bank left deposit facility interest rates at .-50% and held steady rates on the main refinancing operations and on the marginal lending facility unchanged. 

The Bank of Canada held its key lending rate at 1.75 percent on Wednesday as expected. The BoC was more dovish however "growth in the near term will be weaker, and the output gap wider, than the Bank projected in October."

US existing home sales rose to 5.54M v 5.43M expected and the prior 5.35M, up +3.6%% v +1.5% expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.

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