NEWS

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The EIA reported a less than expected build of +14 Bcf in gas storage 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.

Memory chip maker Micron reported stronger earnings after the close Wednesday. Both business lines, DRAM and NAND memory chips exceeded forecasts. $AMD has been trying to recover from near their six months lows with the technology selloff.

Heading into JMMC EIA reported a draw in crude of -876 kbbl (including a 782kbbl build at Cushing). In a volatile week specs bought WTI to 393k, a fresh 32-month high just ahead of a sharp fall in prices. Gasoline demand continues to grow. Gasoline stocks fell -876kbbl and Utilization recovered another 2.3% to 82.9%. Production rose 100k to 11,100 kbpd

Mortgage applicationsin the US fell for the 4th consecutive decline, as higher mortgage rates started to dent the housing market. Applications fell 2.2 percent in the week ended March 26th, 2021. The average 30-year fixed-rate mortgages edged down to 3.33% from 3.36%, the highest since the beginning of June last year.

South Korea reported February industrial output at its fastest pace since June last year. Industrial output seasonally adjusted +4.3% mth/mth over the expected Reuters poll -0.1% over January.  Industrial output +0.9% yr/yr  versus the Reuters poll +2.5%. 

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