Month: December 2018

Commodity Closing – Europe/Oil-Gas Majors 17.12.18

NEW YORK – Oil prices fell 1% Monday on signs of oversupply in the US and as investor sentiment remained under pressure from concern over global economic growth thus affecting fuel demand.  In further news, U.S. crude oil inventories were forecast to have fallen for the third consecutive week. Analysts expected a build in refined products last week, a preliminary Reuters poll showed Monday.  Six analysts polled ahead of reports from the American Petroleum Institute (API), an industry group, and the U.S. Department of Energy’s Energy Information Administration (EIA) estimated, on average, that crude stocks fell 2.5 million barrels in the week to Dec. 14. Previously, Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts’ expectations for a decrease of 3 million barrels. The API is scheduled to release its data for the latest week at 4:30 p.m. EST (2130 GMT) on Tuesday, and the weekly EIA report is due at 10:30 a.m. EST on Wednesday. read more

Today’s Economic Events

10:00 EC NOV Euro-Zone: CPI (MoM) exp: -0.2% prev: -0.2%
10:00 EC OCT Euro-Zone External Trade Balance (M EUR) exp: NA prev: 13142
13:30 US DEC Empire Manufacturing exp: 20.1 prev: 23.3
15:00 US DEC NAHB Housing Market exp: 60 prev: 60

General Market Comment

US indices closed lower as the Dow plunged by appx. 500 pts to finish the week on Friday. Shares in the Pharmaceuticals, Biotechnology & Life Sciences (-3.93%), Food & Staples Retailing (-3.79%) and Technology Hardware & Equipment (-2.93%) sectors were under pressure. On the economic data front, retail sales improved by 0.2% MoM in November (estimated 0.1%) from a rise of 1.1% in October. In other news, industrial production rose by 0.6% MoM in November (forecasted 0.3%) compared to a decline of 0.2% a month earlier. Capacity utilization slightly improved to 78.5% in November (expected 78.6%) vs. 78.1% in October. Also, Markit US composite PMI declined to 53.6 in a preliminary estimate in December vs. 54.7 in November while Markit US services PMI decreased to 53.4 in a preliminary estimate in December from 54.7 in the prior month. Finally, Markit US manufacturing PMI declined to 53.9 in a preliminary estimate in December (estimated 55) vs. 55.3 in the previous month. The S&P 500 (2,599.95) remains below its 20d moving average (2,683.72 – negative slope) and 50d moving average (2,729.51 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 14.12.18

NEW YORK – Oil prices dropped more than 1% Friday, weighed down by a falling U.S. stock market. Meanwhile, weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer.

Today’s Economic Events

07:00 GE NOV Wholesale Price Index (MoM) exp: NA prev: 0.3%
08:15 FR DEC P Markit Composite PMI exp: 53.9 prev: 54.2
08:15 FR DEC P Markit Manufacturing PMI exp: 50.6 prev: 50.8
08:15 FR DEC P Markit Services PMI exp: 54.6 prev: 55.1
09:00 EU DEC P Markit Composite PMI exp: 52.7 prev: 52.7
09:00 EU DEC P Markit Manufacturing exp: 51.8 prev: 51.8
09:00 EU DEC P Markit Services PMI exp: 53.4 prev: 53.4
13:30 US NOV Retail Sales exp: 0.1% prev: 0.8%
13:30 US NOV Retail Sales less Autos exp: 0.2% prev: 0.7%
14:15 US NOV Industrial Capacity Utilization exp: 78.6% prev: 78.39%
14:15 US NOV Industrial Production (MoM) exp: 0.3% prev: 0.1%
14:45 US DEC P Markit Manufacturing PMI exp: 55.2 prev: 55.3
14:45 US DEC P Markit Services PMI exp: 54.7 prev: 54.7
15:00 US OCT Business Inventories exp: 0.5% prev: 0.3% read more

General Market Comment

US indices closed mixed on Thursday. Shares in the Consumer Durables & Apparel (-1.96%), Automobiles & Components (-1.65%) and Transportation (-1.23%) sectors ended in the red zone while shares in the Household & Personal Products (+2.13%), Utilities (+0.88%) and Consumer Services (+0.72%) sectors gained traction. On the economic data front, initial jobless claims declined to 206k in week ended December 8th (estimated 226k) from 233k in the previous week. Continuing claims reached 1.661M in week ended December 1st (forecasted 1.649M) compared to 1.636M a week earlier. In other news, the Bloomberg consumer comfort index declined to 59.4 in week ended December 9th vs. 60.3 in the prior week. Import price index decreased by 1.6% in November (estimated -1%) from an improvement of 0.5% in October. Finally, the monthly deficit dug deeper to $204.9B in November (expected $199B) vs. $100.5B a month earlier. The S&P 500 (2,650.54) remains below its 20d moving average (2,688.80 – negative slope) and 50d moving average (2,736.02 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 13.12.18

DUBAI – Iranian Oil Minister said Thursday his country has no plans to reduce its oil production, but will remain a member of OPEC, the official news agency IRNA reported on Thursday. OPEC and its Russia-led allies agreed on Friday in Vienna to slash oil production by more than the market expected in a bid to shore up prices despite pressure from U.S. President Donald Trump to reduce the price of crude.

Today’s Economic Events

07:00 GE NOV F Consumer Price Index (MoM) exp: 0.1% prev: 0.1%
07:00 GE NOV F CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.1%
07:45 FR NOV F Consumer Price Index (MoM) exp: -0.2% prev: -0.2%
07:45 FR NOV F CPI – EU Harmonised (MoM) exp: -0.2% prev: -0.2%
12:45 EC ECB: Rates decision exp: 0% prev: 0%
13:30 US W48 Initial Jobless Claims (k) exp: 227 prev: 231

General Market Comment

US indices closed higher on Wednesday, lifted by shares in the Automobiles & Components (+1.68%), Semiconductors & Semiconductor Equipment (+1.37%) and Media (+1.21%) sectors. On the economic data front, MBA mortgage applications improved by 1.6% in week ended December 7th from an increase of 2% in the previous week. In other news, CPI remained flat MoM in November, in-line with expectations, from an advance of 0.3% in October. The S&P 500 (2,651.07) remains below its 20d moving average (2,692.39 – negative slope) and 50d moving average (2,741.43 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 12.12.18

NEW YORK – Oil gains eased Wednesday after U.S. crude inventories fell less than expected. Prices, however, remained supported by a cut in Libyan exports and an OPEC-led deal to trim output. Meanwhile, on data U.S. crude stockpiles fell by 1.2 million barrels in the week to Dec. 7, the U.S. Energy Information Administration said, smaller than the draw reported by industry group the American Petroleum Institute on Tuesday and less than half the draw of 3 million barrels analysts had forecast. Gasoline inventories rose in the week, the EIA said. read more