Fishy Rickster

Yesterday for the first time, the various central banks of the Eurosystem disclosed which bonds the ECB had bought under its CSPP program. Specifically, we broke down the purchases of the Bundesbank, which revealed some of the most prominent public company debt issuers in Europe. However, we were curious to get a more detailed look at what Mario Draghi's trading desk was spending their time BWICing all day.

Following last week's surprise distillates build (and lower than expected crude draw) API reported inventories largely in line with expectations (-2.3mm vs -2mm exp. This nevertheless managed to pump and dump crude futures before drifting slightly lower as Gasoline showed a bigger than expected build (+800k vs -500k exp.). API Crude -2.3mm (-2mm exp) Cushing -84k (-100k exp) Gasoline +805k (-500k exp) Distillates -484k This is the 9th weekly daw in crude in a row...

Over the past few quarters, starting with Warren Buffett's annual letter, and continuing with various WSJ reports that the SEC would crack down on the practice, there had been speculation that non-GAAP adjustments would be phased out. But not yet... because if it wasn't for non-GAAP addbacks, Microsoft would have missed badly on both the top and the bottom line.