* The address will be televised
U.S. President Donald Trump will deliver a prime-time address to the nation on Wednesday night, and is expected to provide an "important update on Iran". It is likely to be market-moving, although in which direction, it's not clear.
That's the problem - there is no clarity. In recent days Trump has said the war is over, or the U.S. will continue bombing; re-opening the Strait of Hormuz is central to a deal, or it's not; there could be troops on the ground, or not; a deal is close at hand, or it's not. Will his TV address provide clarity?
* March madness
Despite the month of March bringing war, $100 oil and huge global supply shocks, consumers, businesses and investors seem remarkably upbeat. Sentiment surveys and purchasing managers index indicators point to a general belief that any economic pain will be short-lived.
Investors clearly want to buy the dip. The question now is whether this optimism translates into the hard activity data. It's difficult to imagine no hit to production, trade, spending or investment. But we've been surprised before.
* U.S. nat gas at 6-month ... low?
U.S. natural gas futures fell on Tuesday to their lowest level since the Middle East conflict started on February 28, and posted their lowest close in six months. Yes, you read that correctly - lowest.
While global energy prices remain volatile and elevated, especially in Asia and Europe, U.S. gas prices are being pressured by high storage and mild weather. The front month closed on Tuesday at $2.819/mBtu, down 20% from the post February 27 peak of $3.494 on March 9.
