Carl quintinilla with sara eisen, john fon fortt joins us crude inventories, lets send it back to jackie. Carl, you can see prices are spiking on this report it definitely was bullish, what i have is a crude drawdown of 6. 3 million barrels, a gasoline drawdown of 3. 7 million. These are more in line with the seasonal trends, more in line with what we heard from the api last night that makes sense, you have demand coming from summer driving, fourth of july, Holiday Weekend as well. I dug into that report, production did go up that 100,000 barrels we lost last week, we gained it back this week. Im not sure how people are going to interpret that. Im assuming its probably going to be a bearish sign mixed in here we were trading 4575 before the report came out, 4624 now. Back over to you. All right, were watching crude along with that, jackie, thank you very much. Meanwhile, the president arriving in germany earlier this morning ahead of the bilateral talks with chancellor angela merkel, c
Good morning. Welcome to squawk alley. Carl is on assignment. We start this morning busy morning in washington from congress to the president s meeting in florida. Our john harwood is in d. C. With the latest. Hi, john. We have an extraordinary day in washington across the range of domestic and foreign policy. Lets start with the Headline News thats come out in the last hour or so and that is the announcement that nunez is stepping aside as chairman of the House Intelligence Committee for purposes of the russia investigation. Heres Speaker Paul Ryan on that just a few minutes ago. Chairman nunez wants to make sure that this is not a distraction to a very important investigation so he wants to go clear himself while this Investigation Continues on without any kinds of distractions. So lets look at the range of turbulence facing policy makers in washington right now. Youve had steve bannon demoted from the National Security council in the last 24 hours. Nunes stepping aside. President tr
Trenches Tax Initiative wall street up 1. 5 . One red arrow on the board at the shanghai composite benefits of 1 . Nicole opec Production Cut sending oil prices down. 4 over the last two days. Today getting 31 cents at 50. 8 a barrel. Lauren yields on the tenyear treasury at the european the European Central bank meeting today. Let us at 2. 37 on the 10 year period train to at t and time warner feel the heat as they try to defend their 85 billion media deal appeared lauren the Senate Clears the deal promising drug renewal and now heads to the president. Trade to the Brian Jameson Cleveland Cavaliers destroyed the New York Knicks and the yankees reunite with ace pitcher chapman. All the highlights there. Lauren 5 01 in new york. Welcome to fbn am, your first look at morning markets and breaking news. Nicole busy day ahead for donald trent radio travel to meet with First Responders of the recent attack at Ohio State University before continuing his thank you tour in io tonight. Meanwhile
Today. A bit of his zigzag kind of day. It has been in a relatively tight range. A lot of traders are waiting on the Central Bank News later in the week. If you take a look at the s p 500 over the course of the day and the intraday move we have seen, we saw sort of a zigzagging move. Down p 500 sort of going earlier in the morning and going down. Strengthening into the close of trading. We get some financials and real estate stocks. This is the first day it is trading alone. Assets,ou look at other were not seeing much change in the dollar and the 10 year. Were not seeing investors place bets, using proxies for that action. We do have some supply constraints in libya that has clarityecting pricing pricing. Because these are heavily weighted, they are contributing to the rebound we are seeing in the s p 500. News, dealeaking reporter. Com is saying that this company is getting close to finishing a sales process. And this report mentioning potentially bass pro shop, private equity as bei