Crude

US Futures Rebound After Volatile Session, All Eyes On June Payrolls

In a session where bleary-eyed traders followed the all-night tragic developments out of Dallas and initially sold off risk assets, it is good to see that some normalcy prevailed with the traditional post Europe-open futures ramp, which was further assisted by the successful resolution of the Dallas standoff, which has pushed futures modestly higher ahead of today's main event for markets, the June payrolls report due in under two hours.

"PADD 1 Is A Holy Mess" - Is This What Finally Drags Crude Oil Lower

“PADD 1 is a holy mess,” said Andrew Lebow, senior partner at Commodity Research Group in Darien, Connecticut. “It is very unusual. If a market becomes extremely oversupplied, like PADD 1, they are going to have to cut runs.” That is another way of saying refiners will have to stay shut, which in turn will force crude to  build up in various on and offshore storage locations.

Crude Crash Drags Stocks, Bond Yields To Lows

WTI Crude just puked to 2-month lows with a $44 handle, down 5% on the day (and down almost 7% from the day's highs)... Dow is down 140 points from earlier highs and Treasury yields are testing record lows once again...

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...