Global Macro Perspectives
Crude oil stocks fell 1.5 million barrels for week ending 25 December; Gasoline stocks decreased 0.4 million barrels; Distillate stocks fell 2.1 million barrels; Propane/propylene stocks fell 1.5 million barrels; Other oils were down 2 million barrels; Total crude oil and petroleum stocks decreased 8.1 million barrels. Refinery utilization remained mostly unchanged at 80.3 %. […]
Tainted Alpha is back after Christmas, first, I’ll update the weeklies. I hope you’ve all had a nice Christmas! Crude oil stocks fell 4.8 million barrels for week ending 18 December; Gasoline stocks decreased 0.8 million barrels; Distillate stocks fell 3 million barrels; Propane/propylene stocks fell 3.4 million barrels; Other oils were down 3.4 million […]
Nothing serious, but a hint on what could happen. WSJ: Iraqi Oil Officials Accuse Iranians of Holding Iraqi Oil Field.
Crude oil stocks were down 3.7 million barrels for week ending 11 December; Gasoline stocks rose 0.9 million barrels; Distillate stocks fell 3 million barrels; Propane/propylene stocks fell big 4 million barrels; Other oils were down 0.6 million barrels; Total crude oil and petroleum stocks decreased 12.7 million barrels. This is one of the most […]
Crude oil broke out the range to the downside. The move is surprisingly strong despite some positive stock data this week. Crude oil stocks fell 3.8 million barrels; Gasoline stocks rose 2.3 million barrels; Distillate stocks rose 1.6 million barrels; Other oils were down 1 million barrels; Total crude oil and petroleum stocks fell 3.8 […]
Crude oil stocks increased 2.1 million barrels; Gasoline stocks rose 4 million barrels; Distillate stocks fell 1.2 million barrels; Other oils flat; Total crude oil and petroleum products ending stocks up 5.9 million barrels. Refinery utilization rate again below 80%: at 70.66%. Last weeks tick up in utilization caused gasoline stocks rising. Total crude oil […]
ADP unemployment for November just came out at -169.000 vs. -209.000 last month. Similar as with jobless claims, the job loses are coming down, but U.S. economy is still losing jobs. The story of the day in the U.S. yesterdays was GM CEO Fritz Henderson resignation. The resignation followed the Motor Vehicle Sales but apparently […]
Crude oil stocks were 1 million barrels higher than the week before. Gasoline stocks also 1 million barrels higher. Total distillates 0.5 million barrels lower. Other oils stock ended 1.6 million barrels higher. U.S. net imports reached 9.8 million barrels but the rebound in imports coincided with stock increase. Refinery utilization edged higher to 80.25%. […]
Crude oil stocks rose 0.9 million barrels. Gasoline stocks fell 1.8 million barrels. Distillate stocks fell 0.3 million barrels. Other oil stocks edged higher 2.8 million barrels. Total stocks down 4.2 million barrels. Refinery utilization rate has hit the new low of 79.44% vs. 79.93% the week before. Refinery inputs fell to 14 million barrels, […]
A short look to the yesterdays jobless claims which came out at 502k vs. 512k consensus and 512k the week before. Again a edge down, but still high. Asia ended mixed, small moves in different directions, Europe is trading flat at the moment. German Q3 GDP growth came at 0.7% vs. 0.8% consensus and o.4% […]
As reported yesterday, Japan’s machinery orders rose 10.5% vs. 4.1% consensus in September. Bloomberg story: Japan Machine Orders Rise More Than Expected; Recovery May Last. Off course it sparked optimism for the bulls. Today Japan’s October producer prices came out at -6.7% vs. 6% consensus. This was 10th month in a row with negative figure. […]
Belisarius is annoyed with united horn blowing on dollar going further down and gold going further up. So annoyed it is on the brinks of placing a short gold and long dollar trade. I’ll cool down and think on that again. Such unified consensus always leads to opposite outcome. One of the reasons is (for […]
Well, new week, same stories. Asia ended higher, Europe is trading higher on no news (media in claiming on G-20 stimulus). Looks we have relief rally, we survived last week filled with economic data and events and now on no major economic announcement or earnings (except WMT) this week we move up. Skeptical, as I […]
I will today start with U.S. petroleum weekly which I will prepare every week based on the the new EIA data.
Most widely followed category – crude oil stocks came yesterday at -4 million barrels vs. consensus of 0.8 million barrels increase. A surprising figure on upon first impression, one warranting crude oil price increase, but if we review the the data in detail we will find that the fundamentals of petroleum supply and demand have not changed and the oil price rise is not supported by supply and demand fundamentals.