NEWS

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U.S. oil rigs in service fell 9 this week as U.S.oil production hit the all time high of 12.10 million bpd. US Natural gas rigs fell 2. Oil rigs fell 22 in Canada and Canadian natural gas rigs were unchanged with the freezing  weather. 

Australian gold producers hit an all-time production record in 2018. Australia produced 317 tonnes of gold in 2018, breaking the previous record of 314.5 tonnes set  21 years ago. Gold prices timed the opportunityfor Australia with an all-time record of AUD 1876 per ounce on February 20.

The U.S. jobs report for February disappointed with the lowest NFP jobs since Sept 2017 with just 20k new jobs under an expected 190k and down from January's robust 311k new NFP jobs. It had been the best four month stretch of gains since 2014. Unemployment fell to 3.8% 48 year lows.

The Chinese February trade data were a huge miss with exports down in Yuan terms -16.6% Y/Y from an expected gain of +6.6%. Imports were also missed -0.3% y/y versus an expected +6.2%. Chinese trade balance was CNY 34.46bn from an expected CNY 252.3bn.

The EIA reported a draw of -149 Bcf in natural gas storage last week, as expected as temperatures stayed low after the extreme polar vortex cold. Ahead we focus on LNG and Mexican exports.

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