Asia

One month ago, just as Cushing storage was rapidly approaching its operational capacity, we warned that Cushing (and increasingly all parts of PADD 2) is denying storage requests. We also said that overall PADD 2 inventories had risen to a new record high 155 million barrels...

... hinting that it was just a matter of time before excess production would be shifted to other regions, most notably the Gulf Coast, or PADD 3.

Following two days of rangebound moves, where Monday's modest market rebound was undone by the Tuesday just as modest decline (despite the early surge higher on the latest "bullish for stocks" European terrorism), overnight equity action continued to be more of the same, and as of this moment S&P 500 futures were unchanged, while European stocks were modestly higher.

November's mass murders in Paris; today's suicide bombings in Brussles... that's just the beginning for Europe according to Dutch Party For Freedom (PVV) leader and prominent counter-Islamist campaigner Geert Wilders who spoke earlier today with Breitbart London in the aftermath of this morning’s major terror attack and has lamented it is just the beginning of growing Islamist violence.

Trump spoke with The Washington Post editors about his foreign policy views, which they described as “unabashedly non-interventionist” in one place but also described this way:

Speaking ahead of a major address on foreign policy later Monday in front of the American Israel Public Affairs Committee, Trump said he advocates an aggressive U.S. posture in the world with a light footprint [bold mine-DL].

• Oil Drops With Emerging-Market Currencies on Rig Recovery Signs (BBG)
• A plea for help - How China asked the Fed for its stock crash play book (Reuters)
• Obama to meet Raul Castro on historic Cuba trip (Reuters)
• Wall Street's Pile of Unwanted Treasuries Exposes Market Cracks (BBG)
• Dimon's Timing Looks Savvier by the Day as Equities Rebound (BBG)
• Brazilians Brace for More Drama at Top Court, Congress (BBG)
• Captured Paris Terror Suspect Salah Abdeslam Says He Planned More Attacks (WSJ)