Natural Gas Inventory 90 bcf vs 91 bcf Expected Sep 18, 2014 10:31AM

Natural Gas Inventory 90 bcf vs 91 bcf Expected


UPDATE: Crude Inventories Rose 3.67 Million Barrels Sep 17, 2014 10:36AM

(Updated - September 17, 2014 10:36 AM EDT)

Crude inventories for the week ending September 12 gained 3.67 million barrels vs a decline of 1.24 million expected.

Cushing Inventory declined 357 thousand barrels.

Gasoline inventory declined 1.64 million barrels vs a decline of 105 thousand expected.

Distillate inventory grew 279 thousand barrels vs a gain of 635 barrels expected.


UPDATE: Crude Inventories Rose 3.67 Million Barrels Sep 17, 2014 10:36AM

(Updated - September 17, 2014 10:36 AM EDT)

Crude inventories for the week ending September 12 gained 3.67 million barrels vs a decline of 1.24 million expected.

Cushing Inventory declined 357 thousand barrels.

Gasoline inventory declined 1.64 million barrels vs a decline of 105 thousand expected.

Distillate inventory grew 279 thousand barrels vs a gain of 635 barrels expected.


Investors Could Be Lowballing Risk of FOMC Hawkishness, Says Citi Sep 12, 2014 03:10PM

Citi Bank analyst Steven Englander discussed FOMC policy in a research note to clients. Wednesday’s announcement is expected to be the key event next week, with wide implications.

Englander thinks it is probably at least 40% expected that the language will shift from keeping fed funds near zero for a ‘considerable time’ to more data dependent policy guidance. From an FX standpoint, Englander said USD could correct 0.5%-1% if dovish language is retained. On the other hand, he thinks investors could be lowballing risk of FOMC hawkishness.

“Dropping ‘considerable time’ would be a major hawkish step, even if replaced by a ‘data dependent’ pace of rate hikes and a FOMC view that considerable slack remains in place. It would be seen as opening up room for hiking before mid-2015 and as opening risk of a faster move of policy rates to their equilibrium,” said Englander.

“There is speculation that the FOMC may drop the language indicating ‘significant underutilization of labor resources’, but investors will likely see that as secondary. Were they to drop the ‘considerable time’ language, but keep ‘underutilization’ it would still be hawkish from a FX market perspective, because the operational shift would be the dropping of the time commitment. Keeping ‘considerable time’ and dropping ‘underutilization’ would probably be viewed as somewhat dovish, as the concrete assurance of low rates would outweigh the assessment of utilization,” he continued.

"The other uncertainty is whether and how much the dots and economic forecasts move. This is less discussed than the FOMC language, but may be as important," he added. "It is expected that Fed Chair Yellen will strike a dovish tone at the press conference, even if the Statement and forecasts are viewed as more hawkish. We are skeptical that she can walk back concrete hawkishness (such as removal of ‘considerable time’ or shifting dots) with a qualitative press conference comfort message, but this is debated and she is expected to try."


OPEC Daily Basket Price Stood at $95.35/Barrel (USO) (OIL) Sep 12, 2014 09:16AM

The price of OPEC basket of twelve crudes stood at $95.35 a barrel on Thursday, compared with $95.93 the previous day, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).


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