NEWS

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Natural gas futures were higher after lower than expected build of +45 Bcf in natural gas storage last week. The  focus is on warm weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

ECB left rates unchanged as expected in July with controversial Christine Lagarde at the helm. 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. 

EIA reported a deficit in Crude of  7493-kbbl, a build of +949kbbl at Cushing.and  a large draw in gasoline of -3147kbbl. US production unchanged at 11,000 mbpd, off record high of 13.10 mbpd. Futures are reacting to risk off and production cut moves.

The Bank of Canada left the key lending rate at 0.25 percent on Wednesday as expected. BoC will hold interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.

Goldman Sachs, America's largest investment bank reported much stronger than expected second quarter earnings before the bell Wednesday. $GS bond trading revenue surged almost 150% to $4.24 billion, and equities trading revenue rose 46% to $2.94 billion.

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