OIL: Oil End of Day Summary: Crude Falls
May-21 19:04
Crude front month futures have on the day, with further pressure from an unexpected rise in crude stocks in the latest EIA data.
- WTI JUL 25 down 0.8% at 61.51$/bbl
- EIA Weekly US Petroleum Summary - w/w change week ending May 16: Crude stocks +1,328 vs Exp -742, Crude production +5, SPR stocks +843, Cushing stocks -457
- CNN said the U.S. had obtained new intelligence suggesting Israel is making preparations to strike Iranian nuclear facilities.
- US-Iran talks are scheduled to continue at the weekend in Rome but a possible threat from Israel is likely to make discussions even more difficult.
- Ukraine will ask the EU to make efforts to isolate Russia further – including asking for secondary oil sanctions according to a white paper seen by Reuters.
- India’s Russian crude oil imports will hit close to 1.8m b/d in May, the highest in 10 months, according to Kpler data cited by Reuters.
- The Brent-Dubai spread is set to narrow with a convergence of light and heavy refined products prices, according to FGE cited by Bloomberg.
- Atlantic arbitrage crudes like WTI Midland and CPC are “essentially shut out” of Asia by cheaper local grades, Sparta Commodities analyst June Goh said in a note cited by Bloomberg.
- An apparent rise in oil inventories on land and at sea suggests oil demand lagging increases in supply suggesting possible downside price risks before the market rebalances, according to Ron Bousso at Reuters.
- MNI Commodity Weekly: Download Full Report Here
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US STOCKS: Late Equities Roundup: Hugging Lows
Apr-21 18:54
- Stocks are holding near deep session lows in late Monday trade, Consumer Discretionary and Information Technology sectors continue to underperform with lack of clarity and communication over trade negotiations widely sited.
- Currently, the DJIA trades down 1258.06 points (-3.21%) at 37884.8, S&P E-Minis down 180.5 points (-3.4%) at 5132 (April 10 lows, still off April 7 low of 4832.00, The Nasdaq down 596.8 points (-3.7%) at 15689.37.
- Information Technology and Consumer Discretionary sectors continued to underperform, semiconductor makers primarily weighing on the IT sector: Super Micro Computer -7.60%, Arista Networks -6.04%, NVIDIA -5.76%, Palo Alto Networks -5.47%, Oracle -5.41% and Broadcom -4.91%.
- The Consumer Staples sector weighed down by Tesla -6.91%, DoorDash -5.87%,Chipotle Mexican Grill -4.48%, Carnival -4.22%, Ross Stores -4.01% and TJX Cos -3.93%.
- A mix of Financials, interactive media and pharmaceuticals outperformed in late trade: Discover Financial Services +3.34%, Fidelity National Information +3.00%, Netflix +1.40%, Moderna +1.34% and Dollar General +1.15%.
- Equity earnings resume after the close: Hexcel Corp, Medpace Holdings Inc, W R Berkley Corp, AGNC Investment Corp and Western Alliance Bancorp reporting.
PIPELINE: Corporate Bond Update, $5B American Express 4Pt Priced
Apr-21 18:25
- Date $MM Issuer (Priced *, Launch #)
- 04/21 $5B *American Express $1.6B 4NC3 +98, $400M 4NC3 SOFR+126, $1.5B 6NC5 +108, $1.5B 11NC10 +128
- 04/21 $700M Excelerate Energy 5NC2
- 04/21 $2B QXO Inc. 7NC3 investor calls
US: FED Reverse Repo Operation
Apr-21 18:23
RRP usage rebounds to $114.114B this after noon from $58.600B last Thursday. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Usage had surged to the highest level since December 31, 2024 last Monday, March 31: $399.167B. The number of counterparties at 38.
