<p>US commercial crude oil inventories rose 15.2 million barrels in the week ending April 3, much higher than expectation of 9.8 million barrels. At 484.4 million barrels, inventories are about 2% above the five year average for this time of year. WTI crude oil recovered to 30.65 last week but turned sideway since then. Traders […]
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US weekly EIA oil inventories +15177K vs +9250K expected
Weekly petroleum inventories That's a lot of oil going into storage in two weeks and Saudi cargoes are just starting to land. The implied demand number is important because it shows we're at about 66% of normal. If you expand that globally, it puts total demand at 68 mbpd compared to 104 mbpd normally, which […]
US weekly oil inventories are coming up at the bottom of the hour
The glut continues to build WTI crude has bounced 5% after a swift, 9% decline yesterday on a technical break of $26.00. There's a sign of a double bottom at $23.50 but it's tepid and the intraday high of $25.29 is the spot to watch.
USD/JPY isn't sure which way it wants to go
Pop quickly drops The better tone in risk assets and oil isn't helping USD/JPY. The pair jumped to 109.10 but has now reversed back down to 108.75. What's unfolding is a wave of broad US-dollar selling.
Mnuchin: We hope to tell small businesses we won't run out of money
Comments from Mnuchin The $350B small business lending program will undoubtedly run out of money, because it's not a loan, it's a giveaway and free money is very popular. There was talk about tacking on $200B in a quickie bill in Congress but there are now signs that Democrats want a bigger bill that will […]
Corporate guidance will be increasingly important to the broader market
McDonald's out with a warning We're nearing earnings season and that's when we're going to get some real-time commentary from executives on the impact of COVID-19.
WTO says global goods trade will fall 13-32% on coronavirus
That's a big drop Those are frightening numbers. ForexLive
Australia passes $80 billion jobs-rescue package
That's $130B in AUD Australia's package is subsidizing wages and means the government will pay wage subsidies of A$1500 biweekly. It's equivalent to 70% of the median wage and can be paid for six months.
Audio recap: Optimism is a hard sell these days
What's moving markets today Clearly, there's still a whole lot of worry associated with the coronavirus, despite positive headlines this week. While there have been some signs of reduction in death toll in various hotspots, these signs aren't reliable enough as far as conclusive evidence goes.
Canada February building permits -7.3% vs -4.0% expected
Canada building permits data for Feb 2020 February data doesn't matter but in a few weeks we'll be into March numbers and beyond. That's when it starts to get very interesting.