Oil Archive

Chemical Activity Barometer, Durable Goods Orders, Mtg Purchase apps, Oil Inventory

Sagging along with industrial production: Better than expected which is nice, but nothing to get excited about. Durable goods tend to chug along at 3 or 4% pretty much regardless of what else happens. But this time they’ve been disrupted to the downside by the oil capex collapse. And note the large ...Read More

Oil and Gas

With prices down, drilling is down over 50%, and production is beginning to fall as well. At the same time, gasoline consumption and miles driven are both up. Therefore, some of the money saved due to lower prices is being spent to buy more gasoline, which, with domestic production falling, means more ...Read More

Retail Sales, Jobless Claims, Import Export Prices, Business Inventories, Japan Machine Orders, Freight Transportation, Gas Prices

This is being touted as a strong report, but, again, looks to me like it’s dropped since year end and at best is moving sideways from there, and not to forget that a large share of auto sales are imports. But I do agree the Fed is heck bent on raising rates ...Read More

Challenger Layoffs, Claims, Trade Comments, Saudi Price Setting, Construction Detail

Not to worry, just the army announcing layoffs: Challenger Job-Cut Report Highlights A major Army cutback made for an outsized 105,696 layoff count in July. The Army said it is cutting 57,000 jobs over the next two years (note that Challenger counts layoffs at the time of announcement, not when layoffs actually ...Read More

GDP Income, Saudi Oil Output, Restaurant Index

BEA Reports 2nd Quarter 2015 GDP Growing at 2.32%: By Rick Davis July 30 (Consumer Metrics) Real annualized per capita disposable income was reported to be $37,846, some -$364 per year less than the previously reported $38,210 per annum. All of that downside came as a result of revisions to the prior ...Read More

Redbook Retail Sales, Case-Shiller House Prices, PMI Services, Consumer Confidence, Richmond Fed, Oil Capex, Truck Tonnage

Still bad: source: Econoday.com Softening: source: Econoday.com I don’t put much weight on Markit surveys, but the optimism comment is interesting: source: Econoday.com Highlights Service sector growth is strengthening slightly this month based on Markit’s July flash index which is up 4 tenths to a very solid 55.2. New orders are at ...Read More

Fed Testimony

Semiannual Monetary Policy Report to the Congress By Janet Yellen Looking forward, prospects are favorable for further improvement in the U.S. labor market and the economy more broadly. Low oil prices Still seems to leave out the fact that a dollar saved by the buyer of oil is a dollar lost by ...Read More

Wholesale trade

Wholesale Trade Highlights Wholesale inventories rose a sharp 0.8 percent in May, a much larger-than-expected gain but still in line, though just barely, with sales in the wholesale sector which rose 0.3 percent to keep the stock-to-sales ratio unchanged at a respectably lean 1.29. Inventories relative to sales fell for autos and ...Read More

Atlanta Fed, Italy trade, mtg purchase apps, oil prices

Up some then back down some, still at a very low rate off of a negative Q1: Down a bit but still positive, as is most all of the euro zone now with the euro at current levels: Italy : Merchandise Trade Highlights The seasonally adjusted trade balance was in a E3.5 ...Read More

Saudi output, Greek statement, EU pmi

Saudi output up a bit. As they post prices and let their refiners buy all they want at those prices, this shows demand is up a bit, likely because of a supply disruption elsewhere, like Libya, for example: As suggested all along: In an interview with Realnews newspaper published on Saturday, Economy ...Read More