Tanker Weekly – 28 February, 2010
Baltic Dirty Tanker Index fell 0.2% last week while Baltic Clean Tanker Index fell 0.5%. Nothing special happening. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Archive for February, 2010
Dry Bulk Weekly – 28 February, 2010
Baltic dry index rose 0.9% in the last week. Capesize Index underperformed the BDI, Panamax Index, Supramax and Handysize Index outperformed. Nothing major on the news front. Improved activity in the Capesize, but the rates fell (probably because of falling iron ore/ final product price differential). Strong rates in smaller ship segments. Chart 1. Baltic […]
Existing Home Sales Take A Plunge In January
Existing home sales fell 7.2% to 5.050.000 million SAAR. Consensus was at 5.500.000 million. An ugly number, detoriation in U.S. housing continues. Chart 1. Existing Home Sales
It’s All About The Free Money (In the Markets)
We have clear roll over of leading indicators in recent weeks and a deterioration in housing, jobless claims, durable goods orders today and bad consumer confidence reading. Seems that the markets do not appreciate the data. Things that move the markets are only FED policy on rates, dollar strength and Greece debt problems. China credit […]
Initial Jobless Claims Up 23.000
Initial jobless claims rose 23.000 to 496.000- The consensus was at 460.000. It’s not a “V” shaped recovery at all. Chart 1. Initial Jobless Claims
U.S. Durable Goods Report 25 February 2010
A negative surprise if we take airplanes out; Durable goods orders rose 3% vs. 1.5% consensus and 0.3% prior reading; Durable goods orders excluding transportation fell -0.6% vs. 0.9% growth in December. Chart 1. Durable Goods Orders Chart 2. Durable Goods Orders Excluding Transportation
U.S. Natural Gas Weekly – 25 February 2010
Working gas in storage fell 172 Bcf from the previous week. Cold weather is helping the stockpiles draw, but the spring is nearing fast. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Mr. Bernanke Speech Before The House Committee on Financial Services
The important part: The FOMC continues to anticipate that economic conditions–including low rates of resource utilization, subdued inflation trends, and stable inflation expectations–are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Full version.
U.S. Petroleum Weekly – 24 February 2010
Crude oil stocks rose 3.0 million barrels for week ending 19 February; Gasoline stocks decreased for 0.9 million barrels; Distillate stocks fell 0.6 million barrels; Propane/propylene stocks decreased 2.3 million barrels; Other oils fell 1.1 million barrels; Total crude oil and petroleum stocks rose 1.4 million barrels. Refinery utilization rose from 79.8% to 81.2%. Crude […]
New Home Sales Fall 9.7%
New home sales fell 9.7% in January to 309.000 SAAR vs. December reading of 342.000 and 360.000 SAAR consensus. Yes, its winter, but it’s disastrous figure anyhow. Chart 1. U.S. New Home Sales SAAR MBA Purchase Applications Index also fell -7.3% to the lowest level since 1997. It’s a leading indicator, so probably more trouble […]
Both S&P/Case-Shiller Composites Fell in December
S&P/Case-Shiller Composites 10 fell 0.2% in December; S&P/Case-Shiller Composites 20 fell 0.3% in December. We have home prices declining for two consecutive months. Off course this has lot to with seasonal factors. The important question is will the prices will hold up in summer. Chart 1. S&P/Case-Shiller Composites Chart 2. S&P/Case-Shiller Composites Percent Change From […]
Conference Board Consumer Confidence Edges Down
Markets are down, the negative surprise was Conference Board Consumer Confidence which came out at 46 vs. 55 consensus and 56.5 for January. Chart 1. Conference Board Consumer Confidence Press release. Consumers’ assessment of current-day conditions soured in February. Those claiming conditions are “good” decreased to 6.2 percent from 8.5 percent, while those claiming business […]
Marc Faber Strikes Again
Some interesting and controversial comments and predictions from Marc Faber in today’s media reports: Bloomberg story: China New Village Makes Chanos See Dubai 1,000 Times. “It does not make sense for China to build more empty buildings and add to capacities in industries where you already have overcapacity,” Faber told Bloomberg Television on Feb. 11. […]
New Week Intro Feb 22
Important U.S. earnings this week: Monday: DTE Energy (DTE), Lowe’s (LOW), Campbell Soup (CPB), Nordstrom (JWN), Constellation Energy Group (CEG) Tuesday: MedcoHealth Solutions (MHS), Target (TGT), Vornado Realty Trust (VNO), Macy’s (M), Medtronic (MDT), Expeditors International of Washington (EXPD), The Home Depot (HD), Sears Holdings Corporation (SHLD), NRG Energy (NRG), Range Resources (RRC), Autodesk (ADSK) […]
Tanker Weekly
Baltic Dirty Tanker Index fell 2.4% last week while Baltic Clean Tanker Index fell 3.8%. Similar as in dry bulk everybody waits for Chinese buyers/charterers to return to markets. With winter season being nearly over we will probably have a seasonal weakness here till at least April when driving demand kicks in. Chart 1. Baltic […]