Global Macro Perspectives
The macro data will be the main factor driving the price of oil. The demand data was strong in the recent weeks, but came tepid in the last reading. The price has moved fast form deeply oversold into overbought, so the risks are to the downside.
Working gas in storage rose 112 Bcf from previous week. Consensus was at 102 Bcf.
Storage level is 69 Bcf lower than same time year ago and has moved above 5-year average.
*** Macro Man: It depends on who you listen to ***
*** Calculated Risk: BLS: Job Openings “little changed” in August ***
*** The Big Picture: Debt Levels Alone Don’t Tell the Whole Story ***
*** The Big Picture: Natural Disasters in the United States, 1980 – 2011 ***
*** The Big Picture: Siri, Can You Hear Me? ***
Initial jobless claims in the U.S. were reported at 404.000 vs. 405.000 consensus and last week revised (up 4.000) reading of 405.000.
China trade balance was reported at USD 14.5 billion vs. USD 17.8 billion in August and USD 16.3 billion consensus. Export and import growth were running at 17.1 and 20.9 percent vs. 24.5 and 30.2 percent y-o-y in June.