Storage numbers outside of Distillates where bearish compared to estimates.Demand for Both gasoline and Distillate dropped vs. last week and production was higher. Offsetting these bearish Domestic metrics were record highs for exports of Products and oil. Now that the US is becoming a major Player in Global Oil production/exports it is becoming important to combine both categories into one metric to determine bullish or bearish for weekly report.
Stocks trying to claw way back after a nervous first hour of trading which saw prices trade below yesterdays lows for all 3 major Indices.Fang Stocks especially NFLX have rallied back from sustainable losses and Boeing has not collapsed like her Dow friend, CAT did yesterday.10 year yields have maintained a hold above 3% yield level.
Side note whilst I Have been typing nasdaq off to the races as FANG stocks have turned entire market around. NFLX now unchanged after being down 5%,Amzn +4% after being down by 3%. With this rally VIX still trading higher indicating not all is well even though stocks have gone bid.
