NEWS

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EIA reported a larger than expected draw in crude oil of -10612kbbl, a build of +1309 kbbl at Cushing.with builds in gasoline +654kbbl. and distillates +503kbbl. US production unchanged 11,100 mbpd, off record high of 13.10 mbpd. Futures are reacting to risk off and lockdown demand.

Natural gas futures were higher after near expected build of +37 Bcf in natural gas storage last week. The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

US existing home sales for June were 4.72M v. 4.75M estimate. However the highlight was condominium sales soared by 29.4%, Hhousing inventory -18.2% from a year ago with huge jumps in the South and West

EIA reported a build in Crude of  4892-kbbl, a build of +1375 kbbl at Cushing.and a draw in gasoline of -1802kbbl. US production rose 100 kpd to 11,100 mbpd, off record high of 13.10 mbpd. Futures are reacting to risk off and production cut moves.

Social media company Snap, owner of Snapchat plunged 13% Tuesday after missing second quarter earnings expectations with another large net loss. $SNAP has been a great reminder of risk, herd mentality and like MySpace the perils of betting on social media longevity.

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