Global Macro Perspectives
Crude oil stocks fell 5.1 million barrels for week ending July 9; Gasoline stocks rose 1.6 million barrels; Distillate stocks increased 2.9 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 3.2 million barrels higher than the week before. Refinery utilization rose from 89.8% to 90.5%. Highest since January […]
As I wrote in Dry Bulk Weekly it appears that Chinese removal of steel export tax rebates is a complete game changer for the industry. The slowdown in Chinese iron ore imports is easing port congestion which tied approximately 20% of the world fleet a few weeks ago. The port congestion has since then eased by […]
Retail sales fell 0.5% in June . The consensus was at -0.2%, May reading was a decrease of 1.2%. Autos taken out, the figure was a decrease of 0.1%; the consensus was at 0.0%; prior reading at -1.1%. Another disappointment and a confirmation of a economic slowdown coming in the second half of the year. Chart 1. U.S. […]
MBA mortgage applications fell 2.9% for week ending July 9, the prior reading was a rise of 6.7%. Both refinancing index and purchasing index fell 2.9%. Lowest reading for a Purchase Index since 1996. Chart 1. MBA Mortgage Applications