Welcome to Markets Desk, your midday read on what's moving.
Natural gas pulled back Thursday as storage data gave the market a reason to sell. The EIA reported weekly inventories rose by eighty-seven billion cubic feet, coming in above expectations, and that supply build was enough to push August Nymex contracts down nearly three-quarters of a percent to a two-week low.
Shifting to the grain complex, soybeans closed under modest pressure heading into the holiday weekend, with front months off as much as five and a half cents and November down eight and a half on the week. The path of least resistance remains lower as traders squared positions rather than carry risk through the break.
And on the macro side, a MarketWatch analysis is making the case that June's jobs and inflation data are more bond-friendly than the headline numbers suggest. The argument is that the labor market is softer than it reads at first glance, which gives the Federal Reserve less cover to hold rates higher for longer, and that's a constructive setup for Treasuries heading into the back half of the year.
That's the tape. Markets Desk, signing off the floor.
