Global Macro Perspectives
Working gas in storage fell 266 Bcf from the previous week. The cold weather depletes stocks at a surprising rate. An interesting situation, potential long opportunity. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks rose 3.3 million barrels for week ending 8 January; Gasoline stocks increased for 3.9 million barrels; Distillate stocks gained 1.4 million barrels; Propane/propylene stocks fell 3.5 million barrels; Other oils were down 3.2 million barrels; Total crude oil and petroleum stocks increased 3.5 million barrels. Refinery utilization remained surprised to the upside […]
United States Department of Agriculture issued Crop Production 2009 Summary for January. Production of all major agricultural commodities is expected at record numbers. The report sparked a major sell-off. Chart 1. Dow Jones – UBS Corn Subindex Chart 2. Dow Jones – UBS Wheat Subindex Chart 3. Dow Jones – UBS Soybeans Subindex
Working gas in storage fell 153 Bcf from the previous week. We almost returned inside the 5 year average, supportive to natural gas price. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks rose 1.3 million barrels for week ending 1 January; Gasoline stocks grew 3.7 million barrels; Distillate stocks fell 0.2 million barrels; Propane/propylene stocks fell 3.0 million barrels; Other oils were down 2 million barrels; Total crude oil and petroleum stocks decreased 1.8 million barrels. Refinery utilization remained mostly unchanged at 79.9 %. […]
Working gas in storage fell 124 Bcf from the previous week. Similar as with crude oil rate of decrease in stock is falling. I would say a revisit to the lower end of trading range is quite possible. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks fell 1.5 million barrels for week ending 25 December; Gasoline stocks decreased 0.4 million barrels; Distillate stocks fell 2.1 million barrels; Propane/propylene stocks fell 1.5 million barrels; Other oils were down 2 million barrels; Total crude oil and petroleum stocks decreased 8.1 million barrels. Refinery utilization remained mostly unchanged at 80.3 %. […]
Working gas in storage fell 166 Bcf from the previous week. Natural gas futures are stuck with resistance despite natural gas stock figures were affirmative for the commodity price. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Tainted Alpha is back after Christmas, first, I’ll update the weeklies. I hope you’ve all had a nice Christmas! Crude oil stocks fell 4.8 million barrels for week ending 18 December; Gasoline stocks decreased 0.8 million barrels; Distillate stocks fell 3 million barrels; Propane/propylene stocks fell 3.4 million barrels; Other oils were down 3.4 million […]
Although this in not a blog on politics this particular situation could have enormous impact on markets. Iran and it’s nuclear ambitions and the further developments could pose a future large shock to the markets and unfortunately I think, time wise, something could happen very fast. Maybe early as next year. Nice outline of the […]
Working gas in storage fell 207 Bcf from the previous week. Similar as with crude oil stocks this is a clear support to the natural gas price. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks were down 3.7 million barrels for week ending 11 December; Gasoline stocks rose 0.9 million barrels; Distillate stocks fell 3 million barrels; Propane/propylene stocks fell big 4 million barrels; Other oils were down 0.6 million barrels; Total crude oil and petroleum stocks decreased 12.7 million barrels. This is one of the most […]
Well, with Wells Fargo moving to repay TARP funds that chapter in the economic history will be closed. Citigroup succeeded in repaying yesterday. I expected that move to repay TARP funds and serial stock offerings would bring some strain to the bank share prices (and even broad market), but nothing jet on that front. Yes, […]
First big draw happened one week later than I thought. Natural gas in storage fell 64 Bcf. UNG is trading up 7.7%. Chart 1. Natural Gas Futures (Weekly) Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil broke out the range to the downside. The move is surprisingly strong despite some positive stock data this week. Crude oil stocks fell 3.8 million barrels; Gasoline stocks rose 2.3 million barrels; Distillate stocks rose 1.6 million barrels; Other oils were down 1 million barrels; Total crude oil and petroleum stocks fell 3.8 […]