NEWS

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German economy minister Peter Altmaier believes Germanyin an 'unexpectedly fast' V-shaped recovery. Despite Coronavirus fears global markets have soared to record highs and economies are saatring to life as PMI show life. The German government revised it' 2020 GDP forecast to -5.8% from -6.3% previously.

Dual hurricanes Marco and Laura pushed natural gas futures higher after a near expected build of +45 Bcf in gas storage last week as heat continued to hit record highs temps.  The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

Machine data analytics specialist Splunk reported mixed second quarter earnings, missed on revenue but beat on earnings. In a mirror of last quarter $SPLK traded sharply down initially but bounced after the conference call focused on the successful shift to a SaaS model accelerating with cloud driving.

US crude exports could take big hit from Hurricane Laura, which is already a Category 4. Argus media reports  Laura is set to make landfall near The Port of Beaumont, Texas, later Wednesday. This is the third top port hub for American crude exports. 

Energy markets focused on dual Hurricanes heading into the Gulf of Mexico. EIA reported a draw in crude oil of -4689kbbl, a draw of  -279kbbl at Cushing.  Draw in gasoline -4583kbbl. US production was at 10,800 mbpd, off record high of 13.10 mbpd. 

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