*** FT Alphaville: What are gold fund outflows really saying? ***
*** FT Alphaville: China’s stagflation question ***
*** FT Alphaville: An awful June employment report: payrolls up 18,000… ***
*** The Big Picture: The rug isn’t big enough ***
*** The Big Picture: Organizational Charts In Major Tech ***

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I’m on vacation, so the posting will be sporadic in next two weeks.

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Crude oil and distillates stocks recorded small declines. Supply/demand balance is tight.

Release of strategic reserve will have, in my view, relatively small effect on supply/demand balance, so the price weakness is probably short-term.

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