Crude oil stocks rose 1 million barrels for week ending 12 March; Gasoline stocks fell for 1.7 million barrels; Distillate stocks decreased 1.5 million barrels; Propane/propylene stocks fell o.2 million barrels; Other oils stocks rose 1 million barrels; Total crude oil and petroleum stocks fell 2.4 million barrels. Refinery utilization fell from 80.7% to 80.6%. […]

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Inflation? I would say no till further notice. PPI fell to -0.6% in February vs. -0.2 consensus and 1.4% in January. Producer margins? Squeezed. Chart 1. U.S. Producer Price Index

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U.S. housing starts came out at 575.000 vs. 565.000 consensus and 591.000 in January. Building permits in the same period fell 1.6% to 612.000. The weather certainly played a role here, but nevertheless the data coming out on housing isn’t good. Chart 1. U.S. Housing Starts Chart 2. U.S. Building Permits

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