Tanker Weekly – July 31, 2010
Posted by Belisarius in Commodities, Tanker Weekly on July 31, 2010
Baltic Dirty Tanker Index rose 7.5%; Baltic Clean Tanker Index fell 5.5%.
Nothing new here…supply overweighting demand.
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg
ECRI Weekly Leading Index Down 10.7%
Posted by Belisarius in Markets, U.S. Economic Data on July 30, 2010
ECRI Weekly Leading Index is down 10.7%. Prior reading was at 10.5%.
Chart 1. ECRI Weekly Leading Index
Source: Bloomberg
U.S. GDP Rose 2.4% in Q2 2010
Posted by Belisarius in U.S. Economic Data on July 30, 2010
U.S. GDP Rose 2.4% in Q2 2010. The consensus was at 2.6%, Q1 reading was at 2.7%.
Another miss, but not a big one (jet).
Chart 1. U.S. Real GDP & Percent Change
Source: BEA
ATA For-Hire Truck Tonnage Index Falls For Two Consecutive Months
Posted by Belisarius in U.S. Economic Data on July 30, 2010
Another data point pointing to a slowdown….
From the press release:
The American Trucking Associations’ advance seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.4 percent in June, although May’s reduction was revised from 0.6 percent to just 0.1 percent. May and June marked the first back-to-back contractions since March and April 2009. The latest reduction lowered the SA index from 110.1 (2000=100) in May to 108.5 in June.
…
Mind The Gap
Posted by Belisarius in Markets, U.S. Economic Data on July 30, 2010
It remains to be seen whether the today’s U.S. GDP reading (for Q2) will flash slowdown, but no doubt remains that this quarter (Q3) will be ugly.
Chart 1. Consumer Metrics Institute‘s Growth Index vs. Official Quarterly GDP Growth Rates
Source: Consumer Metrics Institute
Initial Jobless Claims At 457.000; Down 11.000
Posted by Belisarius in U.S. Economic Data on July 29, 2010
Initial jobless claims were reported at 457.000. The consensus was at 460.000, last week revised reading was at 468.000.
Again, stubbornly high….
Chart 1. U.S. Initial Jobless Claims
Source: Bloomberg
Lower Highs, Higher Lows
Posted by Belisarius in Markets on July 29, 2010
This is supposed to be bearish.
Chart 1. S&P 500
Source: Bloomberg
U.S. Petroleum Weekly – July 29, 2010
Posted by Belisarius in Commodities, U.S. Natural Gas Weekly on July 29, 2010
Crude oil stocks rose 7.3 million barrels for week ending July 16; Gasoline stocks remained unchanged; Distillate stocks increased 0.9 million barrels; Propane/propylene stocks rose 0.5 million barrels; Total crude oil and petroleum stocks were 9.0 million barrels higher than the week before.
Refinery utilization fell from 91.5% to 90.6%.
Implied crude oil demand was at 15.6 million barrels.
Crude oil and petroleum product net imports rose to 11.4 million barrels.
All categories of petroleum stocks are at extremely elevated levels. Highest in last 5 years for this time of the year.
MBA Mortgage Applications Fell 4.4%
Posted by Belisarius in U.S. Housing on July 28, 2010
MBA mortgage applications fell 4.4% for week ending July 23, the prior reading was an increase of 7.6%. Refinance index fell 5.9%; Purchase index rose 2.0%.
Chart 1. MBA Mortgage Applications
Source: Bloomberg
Durable Goods Orders Fell 1.0% In June
Posted by Belisarius in U.S. Economic Data on July 28, 2010
Durable good orders fell 1.0% in June vs. +1.0% consensus and -1.1% increase in May. Transportation taken out the figure was a decrease of 0.6% vs. 0.6% rise in May and +0.4% consensus.
Big miss, with no appropriate market reaction.
Chart 1. U.S. Durable Goods Orders
Source: U.S. Census Bureau
Chart 2. U.S. Durable Goods Orders Ex. Transportation
Source: U.S. Census Bureau