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The EIA natural gas inventory change in the United States for the week ending April 25 was 107 billion cubic feet, the largest increase since the week ending May 26, 2023.The EIA natural gas inventory in the United States for the week ending April 25 was 107 billion cubic feet, which was expected to be 107 billion cubic feet and the previous value was 88 billion cubic feet.The U.S. two-year Treasury yield rose 10 basis points to 3.7% during the day.May 2, despite OPECs long-awaited plan to increase production, its crude oil production fell last month, with most of the reduction due to the upcoming US sanctions on Venezuela. A survey showed that OPECs production fell by 200,000 barrels per day in April to 27.24 million barrels per day. Venezuela accounted for about half of the decline in production as international oil producers such as Chevron scaled back their operations as the Trump administration tightened sanctions. However, it is not clear why other OPEC members such as Saudi Arabia and the United Arab Emirates did not take advantage of the agreement reached by the organization to eventually increase supply. The survey showed that the UAE - which even received special discounts for additional production increases - instead reduced production by 80,000 barrels per day to an average of 3.25 million barrels per day. Saudi Arabia only increased production by 20,000 barrels per day, with a production of 8.97 million barrels per day, which is only a part of the agreed production.The Federal Reserve accepted a total of $157.353 billion from 37 counterparties in fixed-rate reverse repurchase operations.

Non-Farm Payrolls Print at +428k vs. +391k Expected, With Unemployment at 3.6 Percent

Jimmy Khan

May 09, 2022 10:49


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The stock market is perhaps the greater issue on many traders' minds this morning. After all, it's been rather dramatic this week, and one of the reasons for the high level of curiosity is the possibility of a huge change.


And, so far, that pattern has continued apace, even through this week's rate boost of 50 basis points.


However, trends do not always price in straight lines, and when a market is over or underweight in one direction too much, a counter-trend move may emerge, as we witnessed surrounding the Fed on Wednesday. However, to the displeasure of bulls, the move was promptly priced-out the next day, raising the risk of an even deeper break.


The S&P 500 is now trading at a major region of support, and the two-week range is impressive.

THE NASDAQ 100

The Nasdaq 100 is a potentially more appealing negative vehicle. High-beta tech stocks typically worsen the performance of the S&P 500's blue chips, which may operate on both sides of the equation, as we witnessed on the way up last year and again this year.


However, as recent events have unraveled, the difference in performance has been noticeable. While the S&P 500 remains above important support levels such as the psychological level of 4000, the Nasdaq 100 has already broken through most of that earlier support structure. Price is still hovering around the Monday low of 12,710. Yesterday, that level was tested and maintained — but sellers are now pressing a third test, and the third test may not be pleasant.

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