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The numbers via oilprice.com on Twitter:

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Expectations I had seen centred on:

• Headline crude -1.6mn barrels
• Distillates +0.2mn bbls
• Gasoline -0.4mn

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This data point is from a privately-conducted survey by the American Petroleum Institute (API).

• It’s a survey of oil storage facilities and companies
• The official report is due Wednesday morning US time.

The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)

• Its based on data from the Department of Energy and other government agencies
• Whereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.
• the EIA report is held to be more accurate and comprehensive than the survey from the API

This article was written by Eamonn Sheridan at www.forexlive.com.

Visa Inc (V) Q3 2024 (USD): Shares are trading down -2.11% after the close.

• Adj. EPS: $2.51 (exp. $2.43) BEAT
• Revenue: $8.9B (exp. $8.89B) BEA

Tesla Inc (TSLA) Q2 2024 (USD): Shares are trading down -5.22% after trading down -2.04% during the day today

• Adj. EPS: $0.52 (exp. $0.62) MISS
• Revenue: $25.5B (exp. $24.77B) BEAT

Tesla’s focus remains on company-wide cost reduction, while plans for new vehicles stay on track. The energy storage business continues to grow rapidly, setting a record in Q2 with 9.4GWh of deployments. The company saw a sequential rebound in deliveries in Q2 due to improved consumer sentiment and expects a sequential increase in production in Q3 after a decline in Q2. However, they project that 2024 vehicle growth rate may be lower than 2023 levels, and the new vehicles approach will result in less cost reduction than previously expected. The robo-taxi will also be delayed

Alphabet Inc (GOOGL) Q2 2024 (USD): Shares of Alphabet are down -0.38% in after hours trading.

• EPS: $1.89 (exp. $1.84) BEAT
• Revenue: $84.742B (exp. $84.18B) BEAT
  • Google Advertising Revenue: $64.6B (exp. $64.4B) BEAT
  • Google Cloud Revenue: $10.35B (exp. $10.158B) BEAT
  • Google Search & Other Revenue: $48.51B (exp. $47.65B) BEAT
  • YouTube Ads Revenue: $8.66B (exp. $8.9B) MISS
  • Google Network Revenue: $7.44B (exp. $7.87B) MISS
  • Google Subscriptions, Platforms and Devices Revenue: $9.31B (exp. $9.38B) MISS
  • Google Services Revenue: $73.93B (exp. $73.58B) BEAT

Texas Instruments Inc (TXN) Q2 2024 (USD): Shares are trading up 3.99% in after-hours trading. In. Today the price fell -3.69%

• EPS: $1.22 (exp. $1.17) BEAT
• Revenue: $3.82B (exp. $3.82B) MET

This article was written by Greg Michalowski at www.forexlive.com.

The major US stock indices closed lower ahead of Tesla and Alphabet earnings.

• Dow Industrial Average average fell -57.27 points or -0.14% at 40,358.10
• S&P index fell minus 8.65.4 -0.16% at 5555.75
• NASDAQ index fell -10.22 points or -0.06% at 17997.35

The small-cap Russell 2000 rose 22.61 points or 1.02% at 2243.26.

Ahead of earnings,

• Alphabet rose 0.07%
• Tesla fell -2.04%

Also after the close Visa and Texas Instruments will release its earnings.In trading today:

• Visa fell -1.09%
• Texas Instruments tumbled -3.69%.

This article was written by Greg Michalowski at www.forexlive.com.

more to come

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.

This article was written by Eamonn Sheridan at www.forexlive.com.

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:

This article was written by Eamonn Sheridan at www.forexlive.com.

Former Pres. Trump and GOP nominee Trump initially said he would not debate Harris but has changed his mind. Says that he will be happy to do more.

This article was written by Greg Michalowski at www.forexlive.com.

Crude oil futures are settling at $76.96. That is down $-1.44 or -1.84%. The price moved to a 6-week low (lowest since June 7)and fell for the 4th consecutive day. The price moved down close to 8% from the high last Wednesday.

Later today, the private oil inventory data will be released ahead of the EIA data tomorrow. Crude oil inventory is expected to have a draw of -1.583M barrels. Gasoline is expected to show a draw of -0.391M barrels and distillates are expecting a build of 0.249M barrels. Oil inventories have seen 3 consecutive weekly drops in US oil inventories. High US oil demand is being offset by weak demand from China.

Technically, the pair moved close to the next key target at swing area between $75.54 to $76.17. The low reached $76.40 just above the high of the swing area. The 50% of the move up from the December low comes in at $77.67. That is the resistance target now.

This article was written by Greg Michalowski at www.forexlive.com.

France President Macron:

• The outgoing majority has lost elections, but the French wanted non-far right to work together
• When asked about left-wing alliance PM candidate, Macron says issue of the moment is not about names.
• Neither left-wing alliance nor outgoing majority can apply their program.
• Urges political parties in parliament to work together to reach compromises during the coming weeks
• France will be focused on Olympic Games until mid August with caretaker government and then look to form new government
• Rules out resigning before the end of the term

This article was written by Greg Michalowski at www.forexlive.com.

A Reuter/Ipsos poll (get used to them), has Harris leading Trump in a two way race 44% to 42%:

• Democratic presidential candidate Kamala Harris leads Republican Donald Trump 44% to 42% among registered voters, within 3-point margin of error, Reuters/Ipsos poll finds.
• 56% of registered voters in Reuters/Ipsos poll consider Harris ‘mentally sharp’; Trump seen as sharp by 49% of voters.
• In a three-way matchup including Independent Robert F. Kennedy Jr., Harris leads Trump 42% to 38%; Kennedy supported by 8% – Reuters/Ipsos poll.

This article was written by Greg Michalowski at www.forexlive.com.

As expected, Senate Majority Leader Schumer and House Minority Leader Jeffries officially endorse VP Harris as the Democratic nominee for President.

The money has been flowing into the Harris coffers with $140M raised since Sunday. As a comparison Biden raised $96M up until July.

Meanwhile, over at Trump headquarters, after the assassination attempt, it was reported that Elon Musk would donate $45M a month to his campaign hi

This article was written by Greg Michalowski at www.forexlive.com.

US treasury auctions off $69 billion at a high yield of 4.434%

• High yield 4.434%
• Tail -2.3 basis points vs six month average of 0.2 basis points
• Bid to cover 2.81X vs six month average of 2.58X. Best since August 2023
• Direct (a measure o domestic demand) 14.42% versus six month average of 21.0%. Weakest since Jan of 2022
• Indirects (international demand) 76.57% versus six month average of 64.3%. Highest on record.
• Dealers 9.01% versus six month average of 14.7%

AUCTION GRADE: A

The only thing bad about the auction was that the international demand outbid the domestic buyers. There was a negative tail. The bid to cover was well above the six month average.

This article was written by Greg Michalowski at www.forexlive.com.

Politico is reporting that Senate Majority Leader Schumer and House Minority Leader Jeffries are to officially endorse Harris for president at a 1 PM press conference:

Late yesterday Harris secured the necessary delegates for the Democratic nomination.

This article was written by Greg Michalowski at www.forexlive.com.