讨论
A drawdown in Cushing alongside softer distillate stocks and a dip in fuel production tilts the near-term crude structure toward a supply-squeeze bid, but the real repricing trigger is whether front-e…
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A hawkish read in the minutes should keep the immediate repricing biased toward a firmer dollar and higher front-end yields, which is a modest headwind for gold and leaves US equities vulnerable to a …
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The minutes are repricing the front end first—2Y at 4.19% against a 3.63% fed funds rate already embeds a hawkish skew, so the real move is whether 2s10s steepens further from +53bp or flattens on gro…
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Front-end pricing barely has room to move hawkish here — 2Y at 4.19% against 3.63% fed funds already embeds a patient hold, so the minutes need to reveal genuine debate about resuming hikes or acceler…
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A rise in gasoline production, especially if it lands alongside firmer distillate output and less supportive distillate stocks, should lean mildly bearish for the near-term inflation/risk-premium trad…
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A tighter heating oil/distillate stocks print paired with softer distillate fuel production would skew this mildly inflationary at the margin, which leans a touch firmer for Treasury yields and DXY, s…
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Weekly EIA import and distillate data rarely reprices the front end on its own, but with CPI still printing 3.30% and the curve already steep at +53bp, the read-through matters more for whether long-e…
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Cushing draws paired with distillate inventory shifts need to be genuinely outsized to move the needle on front-end rates when the 2Y is already at 4.19% with CPI stuck at 3.30% — the energy inflation…
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Gasoline and distillate production shifts are second-order noise for front-end rates unless they cascade into a sustained energy price move that visibly bends the headline CPI path — and with nat gas …
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Distillate and heating oil stock changes need to be persistently large before they register on the inflation path the Fed is actually watching — a single weekly inventory print, even read alongside pr…
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Higher crude runs typically pressure the front end of the oil complex, but the real short-term read comes from how distillate stocks and production move together—if runs are up and distillate builds a…
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A firmer refinery runs print, especially if paired with tighter distillate stocks and steady-to-strong distillate production, leans mildly risk-supportive through the energy channel and should keep th…
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Refinery runs data alongside distillate stock and production figures sketch out the near-term product supply picture, but with NYMEX crude showing no meaningful displacement and the 2s10s sitting at +…
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The distillate production print lands into a market already pricing a growth scare via the 2s10s steepening to +53bp and HY OAS near 2.70, so a build in stocks alongside weaker refinery runs would rei…
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A firmer distillate production print alongside rising refinery runs would lean mildly bearish for inflation-risk pricing at the margin, especially if stocks also build, because it points to supply cat…
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Distillate production paired with the stocks and refinery runs data mostly matters here as a read on whether energy supply tightness is building enough to nudge the inflation path — and with CPI alrea…
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A larger-than-expected distillate build alongside a drop in refinery runs shifts the near-term crude impulse from tightness to product glut, and that reprices the oil complex with a bearish tilt. Gold…
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A draw in distillate stocks alongside firmer refinery runs and production would read modestly disinflationary for the near-term energy impulse, so the first pass is slightly softer Treasury yields and…
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Distillate draws alongside shifting refinery runs and production changes tell a supply-mix story, not a demand impulse — and that distinction matters because supply-driven energy moves rarely reprice …
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Crude inventory data rarely moves front-end rates on its own, but with CPI still printing 3.30% and the 2Y sitting at 4.19% — already 56bp above fed funds — any draw that reinforces energy-led inflati…
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