Global Macro Perspectives
The oil price is holding up quite well despite weaker demand and higher stockpiles. The reason for that are tightness in the brent market (which reflects in other markets via. arbitrage) and geopolitical risks (mostly related to Iran nuclear program).
Working gas in storage rose 28 Bcf from previous week. Consensus was at 29 Bcf.
Storage level is massive 810 Bcf higher than same time year ago and way above 5-year average.
Abundance of supply.
Initial jobless claims in the U.S. were reported at 365.000 vs. 379.000 consensus and last week revised (up 4.000) reading of 392.000.
Challenger’s count of layoff announcements was reported at 40,559 in April vs. 37,880 in March.
ADP Employment rose 119,000 in April vs. revised (down 8,000) gain of 201,000 in March.