Archive for December 16th, 2010

December Philadelphia FED General Business Conditions Index At 24.3

Philadelphia FED General Business Conditions Index rose to 24.3. The consensus was at 15.0, prior reading at 22.5.

Industrial production expansion will continue in December.

U.S. Housing Starts Rose 3.9%; Number Of Building Permits Issued In The U.S. Fell 4.0%

U.S. housing starts in November rose 3.9% to 555.000 vs. revised (15.000 higher) 534.000 October reading. The consensus was at 550.000. On year level U.S. housing starts are down 5.8%.

Morning Reading – December 16, 2010

*** Macro Man: More on Ratings Agencies and Consultants – What a bunch of quants! ***
*** The Big Picture: 10 Questions for GOP Members of Financial Crisis Inquiry***
*** The Big Picture: Benign inflation? Not as I see it ***
*** The Big Picture: Inflation expectations spiking today ***
*** FT Alphaville: The (not so) curious case of the 9.85m bbl crude oil draw ***
*** FT Alphaville: Europe’s stress test was RIGHT ***
*** FT Alphaville: Waltzing towards the next, inevitable implosion ***
*** FT Alphaville: Could Exxon bid for BP? ***
*** FT Alphaville: FCIC-ya later ***
*** Calculated Risk: Commentary: Subprime Thinking ***
*** The Slope of Hope: Cramer the Bear ***

U.S. Initial Jobless Claims At 420.000; Down 3.000

Initial jobless claims in the U.S. were reported right at the consensus of 420.000; last week revised (up 2.000) reading was at 423.000.

U.S. Petroleum Weekly – December 16, 2010

Crude oil stocks fell 9.9 million barrels; Gasoline stocks were up 0.8 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks fell 1.9 million barrels; Other oils stocks decreased 3.8 million barrels; Total crude oil and petroleum stocks were 15.6 million barrels lower for the week.

Refinery utilization rose 0.5% to 88.0%.

Implied crude oil demand fell 0.5 million barrels.

Crude oil and petroleum product net imports fell 1.8 million barrels to 7.8 million barrels. Lowest level in more than 10 years.

Impressive and record stockpile draw; No prof of increased demand; Looks like oil traders move crude oil around the globe.


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