NEWS

Google Ad

The EIA reported a less than expected build of +20 Bcf in gas storage last week following extreme cold weather which warmed up faster than many expected leaving production largely unaffected. The focus is on the reopening, LNG and Mexican exports and the summer outlook for the US.

The PBOC issued a research paper on the Chinese households credit situation highlighting that a household credit boom could tend to drag down economic growth more so than corporate debt.  Mortgages are handcuffing China‚Äôs economic potential, as funding is redirected toward real estate and away from more productive uses.

US consumer credit rose by $27.57 billion for February much higher than a $2.8 billion estimate. This was the highest gain since $29.225 billion in November 2017. Revolving credit increased at an annual rate of 10.1 percent. 

Post OPEC EIA reported a draw in crude of -3522 kbbl (including a -735kbbl draw at Cushing).  Gasoline stocks rose  +4044kbbl and Utilization recovered another .1% to 84.0%. Production fell 200k to 10,900 kbpd.

Canada's March Ivey PMI at 72.9, the highest Since April 2018. The index recovering from the pandemic lockdown and all the fallout from political scandals and falling Canadian energy prices. Employment was 62.7 versus 54.0 last month

Google ads