NEWS

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Natural gas futures fell after a larger than expected build of +89 Bcf in gas storage last week as weather changes were felt.  The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

The Federal Reserve kept rates unchanged at their September meeting, kept QE infinity open with TALF for open-ended Treasuries, MBS and corporate bonds in amounts needed. Fed will continue to buy paper at current pace of $120B/month of Treasuries and MBS combined. Compare that to $40B/month in QE3.

Cloud data platform Snowflake launched it's IPO Wednesday under the symbol $SNOW and priced at $120 a share. It hit a high of $319 just after the open fueled by news Berkshire Hathaway and Salesforce bought shares in concurrent private sales. 

Energy storage still distorted from Hurricane Laura. EIA reported a draw in crude oil of -4389kbbl, a draw of of  -74kbbl at Cushing.  Draw in gasoline -381kbbl. US production was at 10,900 mbpd, off record high of 13.10 mbpd. 

The OPEC Monthly Oil Market Report (MOMR) for September released Monday provides OPEC's outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.

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