Treasury Closing Summary: Treasury Closing Summary: Yields backed up another notch at the long-end and remained elevated into the middle leg of supply in the 10-year, while the stock market first churned lower, then rebounded with a UBS upgrade on Twitter providing the catalyst. The bond market remained very wary of any alteration of FOMC policy guidance next week that could be construed as bringing forward a rate hike. Meanwhile, MBA mortgage stats were quite weak and wholesale trade data not particularly compelling.
Crude Inventories for the week of September 5 Crude oil inventories 972K draw vs. consensus of 1.5M draw. Gasoline inventories 2.38M build vs. consensus of flat. Distillates 4.1M build vs. consensus of 1.0M build.