NEWS

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The U.S took 5 oil rigs out of service as U.S.oil production remained just off a new high at 2400kbpd. US took down 7 Natural Gas rigs as Canadian natural gas rigs were 4 lower, oil rigs fell 9

Natural gas futures lifted to key levesl at week's end as weather, LNG exports and a short market pressured offers. EIA reported as expected lower than expected build of +78 Bcf in natural gas storage last week. Ahead we focus on LNG and Mexican exports and the winter outlook for the US.

ECB cut deposit facility interest rates 10 bps to .50% and leaves rates the main refinancing operations and the interest rates on the marginal lending facility unchanged. Softer than many expected. Announces rate tiering, and reintoduces QE

Oil rallied into the report as money flowed back into risk assets with hope on China and the UK.  EIA reported Crude oil inventories drew -6912k bbls with a Gasoline draw and Distillate build last week. Cushing a smaller than expected draw of -798k bbls. US production just off the new record high with 12.40 mbpd.

The OPEC Monthly Oil Market Report (MOMR) for September released Wednesdayy 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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