OIL PRODUCTS: Lower Rhine Water Levels Curb Oil Carrying Capacity

US Cash Opening calls, similar to Futures, Cash indices will Open in the red, but will also be above Yesterday's lows.

• Calls: SPX: 5,583.9 (-0.9%); DJIA: 41,716 (-0.7%/-274pts); NDX: 19,210.3 (-1.2%).

Speaking on CNBC, Ontario Premier Doug Ford says "We would take tariffs to zero if Trump ended his tariff war. And we told him this". Adds that he wants to see Canada exporting more critical minerals to the United States. Ford: 'Lets get back to a USCA (US-Canada) deal, not a USMCA (US-Mexico-Canada) deal'. 

• During the interview, Ford refuses to be drawn on the federal election, neither endorsing opposition Conservative Party of Canada (CPC) leader Pierre Poilievre nor PM Mark Carney's Liberals. Ford hails from the Progressive Conservative Party of Ontario, which ostensibly is ideologically linked to the CPC.

• FRBNY EFFR for prior session:
  • Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $112B
  • Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $264B
• Earlier Repo Reference Rates
  • Secured Overnight Financing Rate (SOFR): 4.39% (-0.02), volume: $2.589T
  • Broad General Collateral Rate (BGCR): 4.35% (-0.01), volume: $972B
  • Tri-Party General Collateral Rate (TCR): 4.35% (-0.01), volume: $936B
  • (rate, volume levels reflect prior session)