Crude

European Stocks Storm Higher As Bank Fears Subside; US Futures Flat

After yesterday's afternoon surge in US stocks, facilitated by the "uncertain" Fed's FOMC Minutes, today the rest of global market are playing catch up with European stocks rebounding from one week lows, snapping the longest losing streak in three weeks, as well as Asia where most stock markets climbed, led by gains among energy producers as crude prices advanced, while a stronger yen weighed on Japanese shares.

Oil Spikes After Biggest Inventory Draw In 13 Months

After six straight weeks of drawdowns and against expectations of a 2.5mm barrel build, API reported a massive 6.736mm barrel drawdown - the biggest since June 2015. Distillates and Gasoline also saw major draws.  The result - unsurprisngly - is a surge in crude, extending the day's gains, even though Cushing saw a modest 80k build.

Bonds Bid As Fed Minutes Spark Little Reaction Across Markets

A modest selloff in the dollar (EURUSD >1.11) is about the biggest reaction so far to the Fed's Minutes. Bonds are rallying very modestly and gold lower but for now it appears the headline-reading algos are as confused as The Fed...

Is Russia Winning The Oil Export War Against The Saudis?

The European Union might be skeptical about increasing its crude supply from Russia, but China seems to be keen on receiving more Russian Crude. Russian oil exports to this part of the world have doubled year over year last April at the expense of Saudi Arabia and Iran.

US Trade Deficit Jumps In May As Stronger Dollar Puts A Lid On Exports

Confirming once again that a rising dollar is not good for US trade, moments ago the dept of commerce announced that the goods and services deficit was $41.1 billion in May, up $3.8 billion from $37.4 billion in April, and worse than the $40 billion expected. In fact, this was the first miss on expectations (a bigger than expected deficit) since October 2015.

"We've Never Had A Shock To The System Like This" - Global Selloff Accelerates On Brexit, Italy, "Unknown" Fears

The flight to safety following last week's quarter-end window dressing is accelerating, with constant news and flashing red headlines of record low yields across DM government bonds once the norm, and as of moments ago Denmark's 10Y bonds joined the exclusive club of sub-zero yields; gold has soared to fresh multi-year highs above $1,370, the risk-off currency, the Yen, soaring and sending the USDJPY just above 100, while sterling crashed overnight once again below 1.27, levels not seen since 1985.

Crude Crashes Most In 9 Months

WTI Crude is down over 5% to $46.50 - its biggest daily drop since early September 2015, with East Coast gas inventories at a record high...

WTI Plunges To $46 Handle After Unexpected Cushing Build

WTI Crude has been leaking lower all night as supply disruptions ease and demand (cough China cough) expectations fall but Genscape's report of an unexpected 230k barrel build at Cushing has sparked another leg lower, back to a $46 handle...

Precious Metals Surge Continues, As Does Italian Bank Pain, In Holiday-Shortened Session

In today's US holiday-impacted session, the biggest overnight story was the dramatic surge in precious metals, which saw silver briefly soar above $21 following a Chinese short squeeze sending the metal as much as 7% higher overnight, its biggest one day gain since December 1, 2014. As we reported overnight, silver touched a two-year high and gold rallied for a fourth day after the Brexit vote spurred demand for havens. The catalyst is familiar: speculation central banks in some of the world’s leading economies will step up monetary stimulus in the wake of Britain’s decision to leave the European Union.

America's "Soaring" Gasoline And Oil Demand Was Just An Illusion: How The EIA Fooled The Algos

"Could it be that the U.S. demand that's helped drive a near doubling of oil prices since mid-February was illusory?" That may be a reasonable conclusion to draw from the latest data published by the DOE.  When looking at weekly figures, it looks like U.S. gasoline demand is soaring. But the latest monthly data, showing the numbers for April, paint a very different picture. They show U.S. gasoline consumption falling between March and April. "The discrepancy between the two sets of data that gives cause for concern."