US NATGAS: EIA Storage Preview
May-01 13:25
The US EIA gas storage data due for release at 10:30ET (14:30GMT) is expected to show an average injection of 109 bcf for week ending April 25, according to BNEF.
- A Bloomberg survey average suggests an injection of 109 bcf on the week while a Reuters survey shows a 107 bcf injection and WSJ a 106 bcf injection. The seasonal five year average shows a net injection of 72 bcf.
- EIA data last week showed total working gas in storage was at 1,934 bcf after an injection 88 bcf on last week. US storage was 478 bcf less that last year at this time and 44 bcf below the seasonal five year average of 1,978 bcf.
- BNEF estimate total consumption falling 3.511 bcf/d w/w to 64.1 bcf/d.
- Total supply is estimated 0.76 bcf/d lower at 105.8 bcf/d w/w.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: US Cash opening calls
Apr-01 13:25
SPX: 5,606.9 (-0.1%); DJIA: 41,899 (-0.2%/-103pts); NDX: 19,258.1 (-0.1%).
EUROPEAN INFLATION: SA Data Suggests Elevated Pace Despite NSA Deceleration
Apr-01 13:15
Sequentially, SA services prices rose 0.27% M/M - almost in line with the 0.29% M/M average seen since December.
- In annualized terms, this would mean a current services pace of around 3.5%. Although annual NSA services inflation was slightly weaker-than-expected at 3.42% Y/Y (vs 3.5% MNI consensus, 3.68% prior), the seasonally adjusted data suggests that underlying price pressures still remain elevated.
- Eurozone services inflation momentum rose to 3.23% on a 3m/3m seasonally adjusted and annualised basis (using ECB data), the second consecutive increase after an eight-month streak of decelerations - underscoring questions some analysts had raised before on residual seasonality in the data. Momentum rose last Spring, too.
- For hawkish ECB policymakers (nowadays led by Executive Board member Schnabel), this development will underscore the need for a more cautious approach to policy further ahead - especially if the governing council goes ahead with an April cut, as appears to be markets' base case as of now.
- Non-energy industrial goods momentum ticked up to 0.75% (vs 0.68% prior), with sequential prices flat M/M (vs 0.12% prior).
- Taken together, this left core inflation momentum at 2.34% (vs 2.22% Feb, 1.85% Jan).
US DATA: Johnson Redbook Retail Sales Slows On Easter Effect, Still Solid
Apr-01 13:06
Johnson Redbook Retail Sales were up 5.3% Y/Y in March month-to-date (as of the week ending March 29), after sales in the 4th week of the month slowed to 4.8% Y/Y (5.6% prior).
- The apparent dip in retail activity at the end of the month requires some context: last year saw pre-Easter shopping, which hurts the Y/Y comparisons this year, but "these differences are expected to balance out in April as Easter sales begin, leading to improved growth rates compared to last year's retail performance in April. Most retailers recommend smoothing the Easter distortion by averaging the performance data from March and April."
- Overall we consider this to be solid "hard" retail data, with the Johnson Redbook report covering around 80% of "official" retail sales (March data for which is out on Apr 16).
