NEWS

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WTI Oil Futures rose after EIA reported a draw in crude of 7990kbbl (including a +254kbbl build at Cushing and a draw of -10,410kbbl in PADD3 (GulfCoast)).  Gasoline stocks rose +737kbbl and Utilization rose 1.1% at 86.5%, highest since Pandemic began. Production unchanged 10,900 kbpd.

Real Estate firm Zillow returned a profit for the first quarter versus a loss a year ago. $Z is benefiting from the housing boom where US March housing starts soared in March 19.4%, the highest reading since June of 2006. The median existing home price was the highest on record. 

The favorite inflation measure of the Fed, core PCE Price Index, which excludes food and energy, increased 0.4% ahead of consensus 0.3% and up from last month's +0.1%, putting it up 1.8% year-over-year. The PCE Price Index jumped 0.5%, as expected, putting it up 2.3% year-over-year, the most since 2018

The Swiss National Bank announced they are to test a transfer of central bank digital currency funds. "We will try some cross-border functionality." "There will be another central bank and another currency other than the Swiss franc. " said Thomas Moser of the SNB's governing board. The test follows the researxh paper "How to Issue a Central Bank Digital Currency"

Natural gas futures fell after EIA reported a less than expected build of +15 Bcf in gas storage last week. The Midwest saw only 7 Bcf injected and salt storage had a build of 5 Bcf, 11 Bcf lower than the same week last year. These surprises suggest a pre-winter inventory level of 3.3 Tcf or lower.

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