Oil Archive

Chicago index, PMI manufacturing index, Existing home sales, Saudi pricing

Still negative. This is just a composite of other indexes that have been released: Chicago Fed National Activity Index Highlights October was a soft month for the economy but solidly improved from September, based on the national activity index which is at minus 0.04 vs September’s revised minus 0.29. October’s improvement is ...Read More

Mtg Purchase Apps, Saudi Pricing History, China

So much for housing leading the way up- looks to have gone from flat to down: MBA Mortgage Applications For the most part Saudis have been lowering premiums and increasing discounts which causes prices to fall to get their sales up to their pumping capacity: Not without a bit of pain, which ...Read More

Saudi statement, NFIB detail

This means they continue with their discount policy until their entire output capacity is being sold, and then continue to sell their full output capacity at ‘market prices’. That is, they no longer want the high priced producers to benefit from their willingness to to be swing producer and support prices by ...Read More

Saudi Output, Mtg Purchase Apps, NY ISM, ADP, International Trade, PMI services, ISM Non-manufacturing, Motor Vehicle Sales

If the Saudis are looking to pump more seems they have to continue to lower prices: Sure looks like housing still can’t get out of its own way: MBA Mortgage Applications Highlights Mortgage applications are settling down after spiking and dipping sharply in volatility tied to new disclosure rules put in place ...Read More

Crude Oil, Euro, Opec Spending Cuts

So when the Saudis widened their discounts on October 5 it looked to me like they were inducing a downward price spiral that would continue until either they altered pricing or their output increased to full capacity so they couldn’t sell any more at those discounts. So far neither has happened: Fundamentally ...Read More

Oil Prices, RT Interview, Revenue Misses

No letup yet as Saudi discounts continue: My RT interview on the price of oil here. Seems suddenly everyone is missing on revenues? Total sales (less inventory draw down)= GDP AT&T warns of revenue miss in Q3 ...Read More

CPI, Empire State Survey, Philly Fed, Brent Crude Price, Previous Banking Post

CPI, Empire State Survey, Philly Fed, Brent Crude Price, Previous Banking Post Consumer Price Index Empire State Mfg Survey Highlights Minus signs sweep the Empire State report with the headline at minus 11.36 which is more than 1 point below Econoday’s low end estimate. Looking at individual readings, new orders are in ...Read More

Exports, Bank Revenues, Chips, Japan, Mtg Purchase Apps, Oil Comment

At U.S. Ports, Exports Are Coming Up Empty Oct 13 (WSJ) — In September, the Port of Long Beach Calif. handled 197,076 outbound empty boxes. September was the eighth straight month in which empty containers leaving Long Beach outnumbered those loaded with exports. Last month, however, Long Beach and the Port of ...Read More

Saudi Price Cut, Domestic Car Sales, Commercial Paper

This is how they would start a downward price spiral if that’s what they wanted: Saudi Aramco Cuts Crude to Asia, U.S. Amid Weak Demand By Anthony Dipaola Oct 4 (Bloomberg) —Saudi Arabia cut pricing for November oil sales to Asia and the U.S. as the world’s largest crude exporter seeks to ...Read More

Exports, Energy Layoffs, Tax data, Restaurant Performance Index

This is a prelude to the reality of soft exports and rising imports impacting GDP reports: U.S. Goods Exports Plummet as Dollar Rises, Commodity Prices Fall Sept 29 (WSJ) — Exports of goods slid a seasonally adjusted 3.2% to $123.09 billion as overseas sales of industrial supplies—which includes oil—autos, consumer goods and ...Read More