NEWS

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EIA reported a draw in crude and products as we head into year end. Crude oil drew 562kbbl with draws of 26kbbl at Cushing. Products had draws with gasoline -1125kbbl and distillate -2325kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020.

United States Natural Gas Stocks Change

Natural gas futures rose after into smaller draw than expected of -122Bcf 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.

Australia saw stronger than expected employment with full time jobs growth leading the way November, with Unemployment down to 6.8%. Positives included the participation rate at 66.1% and underemployment down 1% to 9.4%.

Biopharmaceutical company MacroGenics Announced Wednesday FDA Approval of MARGENZA™ for Patients with Pretreated Metastatic HER2-Positive Breast Cancer following Phase 3 clinical trials. Product launch anticipated in March of 2021

The Federal Reserve kept rates unchanged at their December meeting, kept QE infinity open with TALF for open-ended Treasuries, MBS and corporate bonds in amounts needed. Fed will continue to buy paper at current pace of $120B/month of Treasuries and MBS combined. Compare that to $40B/month in QE3.

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