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Natural gas futures broke $3.90 ahead of EIA reporting a near consensus build of +49 Bcf  in gas storage last week. The market is focusing on demand, option strikes and hedging levels. Gas flows to U.S LNG export terminals last Friday were 10.2 bcf, almost double a year ago.

ECB left rates unchanged as expected in July. The bank left deposit facility interest rates at -.50% and held steady rates on the main refinancing operations and on the marginal lending facility unchanged. PEPP purchases over the current quarter to continue to be significantly higher. Reaffirms size of PEPP program at €1.85 trillion.

WTI Oil futures had a violent trading week ahead of EIA reporting a build in crude of 2107kbbl (including a -1347kbbl draw at Cushing to lowest since Jan 2000) Gasoline stocks fell 121kbbl and Utilization fell 0.4% to 91.4%. Production unchanged at 11,400 kbpd.

US housing starts rose 6.3% m/m in June, or 1643K v 1590K expected. Building permits were 1766K v 1750K expected. However Building permits fell 5.1% m/m, a leading economic indicator falling across all regions for single-family units

Oil and gas servicing giant Halliburton reported better than expected second quarter earnings Tuesday before the market. Improved North American and international markets for drilling, completion, and production with $HAL's aggressive approach to cutting costs flowed through.

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