NEWS

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Oil giant ExxonMobil reported worse than expected first quarter earnings Friday before the market with higher maintenance hitting refining margins and chemical profits lower.

The natural gas injection season is upon us. The EIA reported a build of +92 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.

EIA reported a build in crude oil storage of 5479k bbls. Gasoline drew -2129k bbls with a draw of -662k bbls in distillates last week. The shale revolution continues BUT production back up 100k to record high of 12.20 mbpd.

The Bank of Canada held its key lending rate at 1.75 percent on Wednesday as expected. The BoC said slower global growth, sluggish housing and oil sectors see its GDP projections lower.

Global industrial equipment manufacturer Caterpillar reported better than expected first quarter 2019 EPS before the market open Wednesday but warned that China price cutting was hurting despite guiding higher.

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