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The natural gas injection season is upon us. The EIA reported a build of +106 Bcf in natural gas storage last week, as expected as temperatures stayed are in the hot/cold sweet spot for users. Ahead we focus on LNG and Mexican exports.

Australia saw stronger than expected part time jobs growth in April but full time jobs fell, with Unemployment at 5.2% and Trend unemployment remaining steady at 5.1%. Participation highest since Dec of 2010.

EIA reported a suprise build in crude oil storage of 5431k bbls last week. Gasoline had a draw of 1123k bbls with a build of just 84k bbls in distillates last week. The shale revolution continues BUT production fell 100k off record high to 12.10 mbpd.

The US advance retail sales for April at -0.2% missed +0.2% estimate, prior month was revised up. These numbers matter with American consumers accounting for 70% of GDP. Last night China retail sales missed also.

China released three key economic reports late Tuesday, all missing. Retail sales 7.2% y/y missed expected 8.6%, Industrial production 5.4% y/y under 6.5% expected and Fixed asset investment 6.1% y/y missed expected 6.4%.

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