U.S. Petroleum Weekly – February 3, 2011
Crude oil stocks rising, markets well supplied, demand weak. The price of oil, nevertheless, is on the rise.
Archive for February, 2011
ADP Employment Rose 187,000 In January
ADP Employment rose 187,000 in January vs. revised (down 50,000) gain of 245,000 in December.
Nonfarm payrolls on Friday (rule of thumb) could be close to 143.000 consensus.
Challenger Job-Cuts For January At 38,519
Challenger’s count of layoff announcements was reported at 38,519 in January vs. 32,004 in December.
Slight tick up.
MBA Mortgage Applications Up 11.3%
MBA mortgage applications rose 11.3%; Prior reading was a decrease of 12.9%; On year level MBA Basic Index is down 20.8%.
Morning Reading – Wednesday, February 2, 2011
*** FT Alphaville: Dear Nokia and Microsoft CEOs ***
*** FT Alphaville: Meredith Whitney and the muni fifth dimension ***
*** FT BeyondBRICs: Mubarak won’t run for re-election ***
*** FT BeyondBRICs: Russia’s oil windfall: how to spend it? ***
*** The Big Picture: 90/90 Down Days Followed by Rally, Then… ***
*** London Banker: Egypt, China and Famine Futures ***
*** Bond Vigilantes: Inflation Hedging for Long-Term Investors – the most important academic paper you will read this year ***
January U.S. Motor Vehicle Sales Unchanged At 12.53 Million SAAR
U.S. total motor vehicle sales for January remained unchanged at 12.53 million SAAR. On year level motor vehicle sales are up 16.3%.
Like with other consumer related parts of the economy auto purchases are steadily gaining ground.
U.S. Construction Spending Fell 2.5% In December
U.S. construction spending fell 2.5% in December vs. 0.1% consensus and 0.2% fall(revised from 0.4% gain) in November. On year level we are at -6.4%.
Lowest reading since July 2000.
January ISM Manufacturing Index At 60.8
ISM Manufacturing Index was reported at 60.8 vs. prior reading of 58.5 (revised from 57.0) and consensus of 58.0.
Improved ISM Manufacturing Index suggest January industrial production growth rate in the U.S. could increase.
China Official PMI Fell To 52.6 In January; HSBC/Markit China PMI Rose To 54.5
Official (China Federation of Logistics & Purchasing and National Bureau of Statistics) China PMI fell form 53.9 to 52.6; HSBC/Markit PMI rose from 54.4 to 54.5.
Looks like industrial production growth in January will remain at present levels.
Morning Reading – Tuesday, February 1, 2011
*** The Big Picture: Fusion IQ Technical Overview ***
*** The Slope Of Hope: For The Sake Of Tim’s Sanity ***
*** FT Energy Source Blog: Oil hits $100/bbl ***
*** FT Alphaville: Oil spikes, shocks and stocks ***
*** FT Alphaville: Another Egypt downgrade – S&P cuts to BB ***
*** FT Alphaville: Remittances to Egypt ***
*** FT Alphaville: A conspicuously absent ECB ***
*** FT Alphaville: More on the bank business lending recovery ***
*** FT BeyondBRICs: Food drives Indonesian inflation again ***
*** Calculated Risk: Q4 2010: Homeownership Rate Falls to 1998 Levels ***
*** Economix: The Haves and the Have-Nots ***
*** Reuters: Gold premiums highest since 2004; India, China stock up ***
*** CNBC: Why Is Wall Street So Addicted to Prestige Colleges? ***