Puerto Rico Files For Bankruptcy Protection In Largest Ever US Municipal Debt Restructuring
Update: PUERTO RICO FEDERAL BOARD FILES BANKRUPTCY CASE IN U.S. COURT
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United States
Crude, Gasolline Tumble After Surprise Inventory Build, Production Rise, Gasoline Demand Drop
Following API's surprisingly large drawdowns, DOE almost completely refuted it with an inventory build for gasoline and a very small draw for crude. WTI and RBOB prices dropped on the headlines, not helped by yet another increase in US crude production to cycle highs.
API
- Crude -4.158mm (-3.5mm exp) - biggest since 2016
- Cushing -215k
- Gasoline -1.93mm (+1mm exp)
- Distillates -436k
DOE
The Volatility Collapse: How Long Can This Last?
Authored by ConvergEx's Nicholas Colas,
Survey Shows A Majority Of European Youth Would Participate In Uprising To Overthrow Status Quo
Authored by Mike Krieger via Liberty Blitzkrieg blog,
China Issues Unprecedented Warning To Citizens In North Korea: Return Home
In an unprecedented move, the Chinese Embassy in North Korea has advised Korean-Chinese residents to return home amid concern that the North's military provocations may trigger a U.S. attack on the North.
The Korea Times reports that the embassy began sending the message on Apr. 20, five days before the North celebrated the 85th anniversary of the Korean People's Army with a show of military power, according to Radio Free Asia (a U.S.-based station specializes in North Korea).