NEWS

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China’s Shanghai Composite closed 3,473 gaining 14% in 2020, its highest level since February 2018. China, being the source of the Covid-19 pandemic and employing total lockdown was the first major country to reopen it's economy.

Heading into the end of 2020 natural gas futures have fallen hard after a smaller draw than expected of -114 Bcf in gas storage last week and demand changes as winter takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

EIA reported a draw in crude and gasoline as we head into year end. Crude oil drew -6065kbbl with a small build of +27kbbl at Cushing. Products showed a draw with gasoline -1192kbbl and a build with distillate +3095kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020.

The Dallas Fed December manufacturing index a key measure of Texas state manufacturing conditions, fell to 9.7 vs 12.0 prior. Output rose to 25.5 vs 7.2 prior and New orders rose to 17.7 vs 7.2 prior.

Natural gas futures fell after a smaller draw than expected of just -152 Bcf in gas storage last week. Large movements on the spreads as winter approaches. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

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