5 yr T note auction & EIA inventory
Today's 5 yr T note auction met with soft demand, indirect bidders @ 18.3%, bid to cover ratio @ 2.05 both well below average, high yield @ 5.203%.
EIA inventory: Crude -3.4M barrels; gasoline -1M; distillates +1.8M Full Report
Inside the number: Crude prices were supported by the closure of a key shipping channel in Louisiana, limiting output at three refineries.
The Calcasieu Ship Channel was shut on June 21 because of an oil spill from a Citgo terminal facility. Citgo is Venezuelean Hugo Chavez's baby.
Refineries in the area have depleted their crude stocks on hand and are now negotiating with the federal government to get oil from the SPR until the channel reopens.
EIA inventory: Crude -3.4M barrels; gasoline -1M; distillates +1.8M Full Report
Inside the number: Crude prices were supported by the closure of a key shipping channel in Louisiana, limiting output at three refineries.
The Calcasieu Ship Channel was shut on June 21 because of an oil spill from a Citgo terminal facility. Citgo is Venezuelean Hugo Chavez's baby.
Refineries in the area have depleted their crude stocks on hand and are now negotiating with the federal government to get oil from the SPR until the channel reopens.
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