Blogs

New York state numbers This is tough to square with New York City alone reporting 824 virus deaths yesterday. You have to assume there was some backlog in NYC or some different counting standard.

Some hard truths from Canada's Prime Minister There is quickly-growing global consensus around some regime of partial reopenings, testing a tracing. The execution is going to be very difficult but there's somewhat of a gameplan developing. However you have to wonder about the damage from an entire year or some level of social distancing.

OPEC wants help The key detail here is how nicely they will ask and what the benchmark will be for others. Is this the US saying that it's cut 2 mbpd because companies are going bankrupt? Or is it places like Alberta announcing mandatory curtailments?

The death count continues to climb The entire state only reported 779 deaths yesterday. Cumom will begin his press conference in 15 minute so we'll get the full numbers then.

Bloomberg report The outline of the deal is for 10 million barrels per day, according to a Bloomberg report. The details are key like: – For how long? – From what baseline?

No surprise here At some point there was hope to quickly tack on an additional $250B for the small business program, because the first $350B of the giveaway is going to quickly run out. However, the Democrats don't want to write another blank check and see an opportunity to include other priorities.

Report from Reuters sources: There's no details beyond that. : The report says OPEC+ and others will discuss cuts as big as 20 million barrels per day. ForexLive

The suspense builds Be very careful with OPEC headlines. The spin is unbelievable. If there's a cut, they will say it's much larger than in reality. The baseline is a 10-15 mbpd cut but we don't know if that's from full production, Q1 levels or April levels. We also don't know for how long the […]

US wholesale inventories for February final – wholesale inventories for February final came in at -0.7 versus -0.5 estimate – wholesale trade sales slowed to -0.8% from a revised 1.3% in January. The initial level showed a 1.6% gain in January Does anyone care about February wholesale inventories/sales? No…

Michigan consumer sentiment for the month of April preliminary – Michigan consumer sentiment comes in weaker than expected at 71.0 versus 75.0 estimate. This is the preliminary report for April.  During the 2008- 2009, the index fell to a low of 55.3. In 2011 the index fell to 55.8