NEWS

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The Bank of Canada left the key lending rate at 0.25 percent on Wednesday as expected. BoC will hold interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.

The US Labor Department reported another new 1.371 million non farm paroll jobs in August.  Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate fell to 8.4% v. 9.8% estimate, Prior month 10.2%

Natural gas futures drifted  after a near expected build of +35 Bcf in gas storage last week as heat continued to hit record highs temps.  The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

Energy storage was distorted from Hurricane Laura. EIA reported a draw in crude oil of -9362kbbl, a build of of  +110kbbl at Cushing.  Draw in gasoline -4583kbbl. US production was at 9,700 mbpd, off record high of 13.10 mbpd. 

German economy minister Peter Altmaier believes Germanyin an 'unexpectedly fast' V-shaped recovery. Despite Coronavirus fears global markets have soared to record highs and economies are saatring to life as PMI show life. The German government revised it' 2020 GDP forecast to -5.8% from -6.3% previously.

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