Category Archives: Comodities

macro update

Let’s look at the Saudi price cuts in the context of the accounting identity that states that for everyone who spent less than his income, another must must have spent more than her income or that much output would not … Continue reading

Posted in Comodities, Deficit, GDP |

Mosler RT interview part 2

Posted in Comodities, MMT |

Oil futures show spot shortage, not surplus, Cuts, PCR on jobs

When there is a surplus of physical supply the nearby contracts trade at lower prices, with prices going higher as you go further out to discount storage charges. That is, with a physical glut of supply the storage facilities fill … Continue reading

Posted in Comodities |

Putin buying gold in size?

If this is true Putin is even dumber or more subject to special interest influence than I thought. Someone please tell me if it isn’t!

Posted in Comodities |

Comments on crude pricing, the economy, and the banking system

Crude pricing The Saudis are the ‘supplier of last resort’/swing producer. Every day the world buys all the crude the other producers sell to the highest bidder and then go to the Saudis for the last 9-10 million barrels that … Continue reading

Posted in Banking, CBs, Comodities, Credit, Currencies, Fed, GDP, Inflation, Interest Rates, Oil |

ADP, mtg purch apps, Productivity, ISM, oil and gas well permits

Remember, this is their forecast for Friday, not hard data from their subscribers: ADP Employment Report Highlights ADP’s estimate for private payroll growth for November is 208,000 vs the Econoday consensus for 225,000 and against a revised 233,000 for October. … Continue reading

Posted in Comodities, Economic Releases, Employment, GDP, Oil |

Crude break evens for drillers, construction spending

If you can buy oil cheaper in the fwd and futures markets why bother to drill for it? ;) Charts from Citi: Construction Spending Highlights Construction outlays rebounded significantly on public outlays and the private residential component. Construction spending jumped … Continue reading

Posted in Comodities, Housing, Oil |

personal income and consumption charts and comments, and a word on oil

This is after tax personal income not adjusted for inflation. Note that there was anticipation of an acceleration from the first quarter, but now it looks like the growth has slowed and rolled over: Here you can see how it … Continue reading

Posted in Comodities, Deficit, Oil |

Bloomberg on the Shale Boom

We’re Sitting on 10 Billion Barrels of Oil! OK, Two Full size image

Posted in Comodities, Oil |

Consumer credit way down and downward revisions as well

As I suggested previously, the well hyped ‘credit acceleration’ has fizzled indicating most GDP growth forecasts could be grossly overstated: Highlights Revolving credit outstanding had been edging higher in what had been a good indication for consumer spending but not … Continue reading

Posted in Comodities |