Month: December 2018

Today’s Economic Events

US NOV Average Hourly Earnings (MoM) exp: NA prev: 0.3%
US NOV Average Weekly Hours exp: NA prev: 33.7
07:00 GE OCT Industrial Production (MoM) exp: 0.2% prev: 0.2%
07:45 FR OCT Trade Balance (M) exp: -5779 prev: -5663
10:00 EC 3Q F Euro-Zone: GDP (QoQ) exp: 0.21% prev: 0.2%
13:30 US NOV Change in Manufact. Payrolls (k) exp: 16 prev: 32
13:30 US NOV Change in Nonfarm Payrolls (k) exp: 196 prev: 250
13:30 US NOV Unemployment Rate exp: 3.7% prev: 3.7%
15:00 US DEC P U. of Michigan Confidence exp: 97 prev: 97.5
15:00 US OCT F Wholesale Inventories exp: 0.6% prev: 0.7%
20:00 US OCT Consumer Credit (B USD) exp: 14.7 prev: 10.9 read more

General Market Comment

U.S. indices closed mixed on Thursday as the Dow reversed its triple-digit loss to finish almost flat. Shares in the Automobiles & Components (-2.22%), Banks (-1.87%) and Energy (-1.77%) sectors closed lower while shares in the Real Estate (+2.66%), Media (+1.43%) and Retailing (+0.94%) sectors gained momentum. On the economic data front, ADP private jobs growth slowed to 179K in November (estimated +195K) from 225K in October. Initial jobless claims fell to 231K in week ended December 1st (forecast 225K) from 235K in the prior week. Continuing claims declined to 1.631M in week ended November 24th (expected 1.69M) from 1.71M a week earlier. Also, final readings of Markit U.S. services PMI posted at 54.7 in November (vs 54.4 previously estimated, 54.8 in October). The ISM non-manufacturing index advanced to 60.7 in November (forecast 59.0) compared to 60.3 in October. Finally, factory orders decreased by 2.1% MoM in October (expected -2.0%). Final readings of durable goods orders fell 4.3% MoM in October (estimated -2.4%, preliminary -4.4%). The S&P 500 (2,795.95) remains below its 20d moving average (2,720.85 – negative slope) and 50d moving average (2,763.48 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 06.12.18

NEW YORK – Oil fell more than 4 percent in choppy trading on Thursday after OPEC and allied exporting countries ended a meeting without announcing a decision to cut crude output, and prepared to debate the matter the next day.  U.S. crude oil stockpiles fell last week due to a surge in exports, as the country became a net exporter of crude oil and products for the first time, underscoring the nation’s growing prowess as a global supplier of oil and refined products. read more

Today’s Economic Events

13:15 US NOV ADP Employment Report (k) exp: 195 prev: 227
13:30 US 3Q F Nonfarm Productivity exp: 2.3% prev: 2.2%
13:30 US 3Q F Unit Labor Costs exp: 1% prev: 1.2%
13:30 US OCT Trade Balance (B USD) exp: -54.7 prev: -54
13:30 US W47 Initial Jobless Claims (k) exp: 225 prev: 234
14:45 US NOV F Markit Composite PMI exp: NA prev: 54.4
14:45 US NOV F Markit Services PMI exp: 54.4 prev: 54.4
15:00 US NOV ISM – Non Manufacturing exp: 59 prev: 60.3
15:00 US OCT F Durable Goods Ex Transportation exp: NA prev: 0.1%
15:00 US OCT F Durable Goods Orders exp: NA prev: -4.4%
15:00 US OCT Factory Orders exp: -1.6% prev: 0.7%
16:00 US W47 Crude Oil Inventories (WoW chg) exp: -1898 prev: 3577 read more

General Market Comment

The US markets were closed on Wednesday to commemorate the passing of President George H.W Bush. The U.S. Federal Reserve released their Beige Book stating that the economy expanded at a modest or moderate pace from mid-October through later November. Also, some districts cited that “optimism has waned” due to the impacts of tariffs, rising interest rates and a tight labor market. The S&P 500 (2,767.87) breaks below its 20d moving average (2,723.83 – negative slope) and 50d moving average (2,767.87 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 05.12.18

NEW YORK – Crude Oil prices rose more than 1 percent on Wednesday ahead of a meeting of the world’s biggest exporters who will discuss cutting output to help shore up prices and curb excess supply. Meanwhile, U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30 to 448 million, data from industry group the American Petroleum Institute showed on Tuesday.

Today’s Economic Events

08:50 FR NOV F Markit Composite PMI exp: 54 prev: 54
08:50 FR NOV F Markit Services PMI exp: 55 prev: 55
09:00 EU NOV F Markit Composite PMI exp: 52.4 prev: 52.4
09:00 EU NOV F Markit Services PMI exp: 53.1 prev: 53.1
10:00 EC OCT Euro-Zone: Retail Trade (MoM) exp: 0.1% prev: 0%
13:15 US NOV ADP Employment Report (k) exp: 194 prev: 227
13:30 US 3Q F Nonfarm Productivity exp: 2.3% prev: 2.2%
13:30 US 3Q F Unit Labor Costs exp: 1% prev: 1.2%
14:45 US NOV F Markit Composite PMI exp: NA prev: 54.4
14:45 US NOV F Markit Services PMI exp: NA prev: 54.4
15:00 US NOV ISM – Non Manufacturing exp: 59.2 prev: 60.3
15:30 US W47 Crude Oil Inventories (WoW chg) exp: NA prev: 3577 read more

General Market Comment

US indices closed lower on Tuesday as the Dow plunged by 800pts and the S&P500 closed below its 200-day moving average. Shares in the Semiconductors & Semiconductor Equipment (-5.23%), Banks (-4.74%) and Automobiles & Components (-4.71%) sectors ended on a negative note. On the economic data front, there was no major news to report. The S&P 500 (2,767.87) breaks below its 20d moving average (2,723.83 – negative slope) and 50d moving average (2,767.87 – negative slope). read more

Commodity Closing – Europe/Oil-Gas Majors 04.12.18

NEW YORK – Crude oil prices pared gains in a volatile trade on Tuesday as fears flared that demand would stall due to a trade war between the U.S. and China, and that Russia remained a stumbling block to a deal to cut global crude supply.

EMEA Weekly Base Oil Report

For its year-end finale the European, Middle Eastern and African base oil markets are throwing up some very unusual events that have made the market a mixed bag at this time.

The European API Group I market is showing considerable length of availability with for all grades, especially heavy neutrals though supply of bright stock appears balanced. Many of the cargoes identified have been intra-company movements with a large quantity of Group I grades moving from Northwestern Europe and the Mediterranean to Far East, for example. read more