US DATA: Feb trade gap narrowed sharply to $46.0b from a slightly
revised $52.5b gap, a much smaller gap than the $51.8b expected due to a
narrower goods gap and a wider services surplus. Crude oil imports
(225.7b) were the smallest since Feb’97, while the price of crude oil
ticked down slightly. However, the smaller energy gap acct for only part
of the narrower headline gap, as the nonpetroleum goods gap narrowed by
10% on sharp declines in imports of consumer goods and autos. Overall
goods exports were down slightly in Feb, with the components mixed. The
Feb gap with China was the smallest since Mar’11, while the gap was
Japan was the largest since April 2008.