NEWS

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Natural gas futures waddled after near expected build of +26 Bcf in natural gas storage last week. 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 July 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.

EIA reported a larger than expected draw in crude oil of -10612kbbl, a build of +1309 kbbl at Cushing.with builds in gasoline +654kbbl. and distillates +503kbbl. US production unchanged 11,100 mbpd, off record high of 13.10 mbpd. Futures are reacting to risk off and lockdown demand.

Natural gas futures were higher after near expected build of +37 Bcf in natural gas storage last week. The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

US existing home sales for June were 4.72M v. 4.75M estimate. However the highlight was condominium sales soared by 29.4%, Hhousing inventory -18.2% from a year ago with huge jumps in the South and West

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