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Market News Watch

Henry Hub Hammered As Texas Tea Rips; Gold Pops, Bitcoin & Bonds Drop

With barely any macro again, today was another day of illiquidity and extremes across asset classes – NatGas was dumped, Oil pumped; Crypto dropped as the dollar popped; Bond yields jumped as stocks slumped.

US Stocks drifted lower overnight, after yesterday’s magical rescue bid, were volatile around the open (Nasdaq jumped as Small Caps slumped), before starting their drop shortly after the European close. Small Caps were the biggest loser on the day while The Dow and Nasdaq were the prettiest horses in the glue factory…

Treasuries were sold, not helped by a really ugly 10Y auction,

2022 06 08 12 45 29

Source: Bloomberg

10Y pushed back above 3.00% again…

2022 06 08 12 41 02

Source: Bloomberg

The dollar managed modest gains on the day but was sold once again during the US session after a strong overnight bid…

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Source: Bloomberg

Yen weakness helped the dollar, as the Japanese currency tumbled to its weakest against the greenback since 2002… (we note the 2002 lows were 135.15 JPY to the dollar, about 1 big figure away from current spot)…

2022 06 08 12 47 15

Source: Bloomberg

Cryptos were lower today with Bitcoin back down testing $30k again. Ethereum slightly outperformed after successfully completing its ltest tes on the path towards ETH 2.0 (PoS)…

2022 06 08 12 38 44

Source: Bloomberg

Gold found support at $1850 once again…

2022 06 08 12 26 52

Oil prices rallied today after UAE warned on OPEC+ ability to increase production further and said that prices are nowhere near their peak (given China’s imminent demand resurgence). WTI topped $123 intraday…

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Retail Gas prices hit a new record high today at $4.955 (still below the price in the UK, but catching up fast)…

2022 06 08 08 34 20 0

Source: Bloomberg

US NatGas was hammered after Freeport LNG Export Terminal suffered a small explosion (less exports means more domestic supply)…

2022 06 08 12 26 19

European gas (green below) rallied on the news as less exports means less supply and higher prices for the Russia-bound Europeans…

2022 06 08 12 52 24

Source: Bloomberg

Finally, in terms of turmoil-inducing panic in markets, we suspect The White House is in full headless-chicken mode as President Biden’s approval rating plunges to a new record low…

2022 06 08 12 21 04

Source: Bloomberg

How long before politics punches Powell in the face?

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