NEWS

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The U.S took 15 oil rigs out of service as U.S.oil production continues to fall to 11400kbpd. US Natural Gas rigs fell 2. Canadian natural gas rigs were unchanged, oil rigs fell 1

Natural gas futures were lower after a hgher than expected build of +109 Bcf in natural gas storage last week. Ahead we focus on cold weather and the coronavirus effect, LNG and Mexican exports and the winter outlook for the US.

AstraZeneca on Thursday announced rresults of a clinical trial of its genetically targeted lung cancer drug Tagrisso with an “overwhelming benefit”. $AZN said after two years 89% of the lung cancer patients given Tagrisso following surgery were alive without a recurrence of their tumors.

Fitch believes Australia’s agriculture, tourism and education sectors are among those most exposed to a potential escalation in bilateral trade tensions between Australia and China. China imposed tariffs on imports of Australian barley and suspended some Australian beef imports.

EIA reported a large build in Crude, perhaps balancing out last week's first draw in crude since January, highlighted by a -3395kbbl draw at at Cushing. Large build in distillate as gasoline drew. US production fell again to 11,400 mbpd, off record high of 13.10 mbpd. Futures are elevated from a short squeeze, production cuts and demand pickups but inventories still outstrips demand since the Coronavirus.

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