Daily Reading – November 18, 2010
Todays interesting post and stories…
Archive for November 18th, 2010
U.S. Natural Gas Weekly – November 18, 2010
Working gas in storage rose 3 Bcf from previous week. Consensus was at 7 Bcf…
Conference Board Leading Economic Index For October Rose 0.5%
Conference Board Leading Economic Index (LEI) rose 0.5% in October. The consensus was at 0.6%, prior revised reading (from +0.3%) was at 0.5%. On year level LEI is up 6.0% vs. 6.8% in August.
This is uber-Keynesian indicator as 43% of its value is derived from monetary factors (M2 and interest rate spread)…
November Philadelphia FED General Business Conditions Index At 22.5
Philadelphia FED General Business Conditions Index rose to 22.5. The consensus was at 5.6, prior reading at 1.0.
Large positive surprise and big contradiction to Empire State Manufacturing…
U.S. Petroleum Weekly – November 18, 2010
Crude oil stocks fell 7.3 million barrels; Gasoline stocks were down 2.7 million barrels; Distillate stocks were down 1.1 million barrels; Propane/propylene stocks rose 0.9 million barrels; Other oils stocks rose 0.7 million barrels; Total crude oil and petroleum stocks were 9.1 million barrels lower than the week before.
Refinery utilization rose 1.6% to 84.0%.
Implied crude oil demand rose 0.3 million barrels to 14.5 million barrels.
Crude oil and petroleum product net imports fell 0.2 million barrels to 8.1 million barrels.
Refiners disciplined in cutting capacity and stocks;stockpiles overall still high; if China reduced imports and U.S. have reduced imports one wonders where excess crude oil is ends up…
U.S. Initial Jobless Claims At 439.000; Up 2.000
Initial jobless claims in the U.S. were reported at 439.000. The consensus was at 441.000, last week revised (down 3.000) reading was at 437.000.
Improvement, but small and appears it has stalled…