Global Macro Perspectives
New home sales rose 26.9% in February to 411.000, the consensus was at 330.000, prior reading was at 308.000. The first home-buyer tax credit program expiration again distorted the reading. Chart 1. New Home Sales Source: Blytic.com
Producer price index rose 0.7% MoM in March. The consensus was at 0.4%; prior reading was at -0.6%. Chart 1. Producer Price Index
Initial jobless claims were reported at 456.000. The consensus was at 460.000, last week reading was at 484.000. Chart 1. U.S. Initial Jobless Claims Source: Blytic.com
Existing home sales rose 6.8% in March and reached seasonally adjusted annual rate of 5.35 million units vs. 5.25 million units consensus and 5.02 prior reading. Chart 1. Existing Home Sales Source: Blytic.com
Working gas in storage rose 73 Bcf from previous week. With this report the storage broke out of 5 year range. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Crude oil stocks rose 1.9 million barrels for week ending 16 April; Gasoline stocks were up 3.6 million barrels; Distillate stocks rose 2.1 million barrels; Propane/propylene stocks increased 1.7 million barrels; Other oils stocks rose 0.9 million barrels; Total crude oil and petroleum stocks were 10.7 million barrels higher than the week before. Refinery utilization […]
MBA mortgage applications rose 13.6% for week ending 16 April, the week before reading was at -9.6%. The first home-buyer tax credit program is approaching its end… Chart 1. MBA Mortgage Applications
Moody’s/Real National Commercial Property Index declined 2.6% in February and 25.8% YoY. The chart was constructed with Blytic.You will need to install Microsoft Silverlight to view the graph and use Blytic. I absolutely love the site.
Total of 15 new drilling were added to already operating North American rigs: 1 additional crude oil rigs and 14 additional natural gas rigs. The just keep on adding natural gas rigs, negative for the commodity price. On world scale: 115 new rigs were added during March, bulk of which in North America. Chart 1. […]
In case you live on a different planet, this is the collection of articles and blog posts on the biggest story this year: SEC/Goldman linkfest by FT Alphaville. If you look at the media, they love it and they have incorporated all the bailout injustice into the story. Dylan Ratigan show: Visit msnbc.com for breaking […]
Important U.S. earnings this week: Monday: International Business Machines (IBM), Citigroup (C), Eli Lilly & Co (LLY) Tuesday: US Bancorp (USB), Johnson & Johnson (JNJ), Gilead Sciences (GILD), Apple (AAPL), The Bank of New York Mellon (BK), Unitedhealth Group (UNH), The Coca-Cola Company (KO), Goldman Sachs Group (GS) Wednesday: Abbott Laboratories (ABT), Wells Fargo & […]
Baltic dry index rose 3.3% last week. All index components ended in positive territory. Supramax Index outperformed the Baltic Dry Index while Capesize, Panamax and Handysize Index underperformed. In the last weekly I wrote on new-building deliveries which reached all-time record in firs quarter. In the second hand market we had 157 dry bulk vessels […]
Baltic Dirty Tanker Index rose 1.8%; Baltic Clean Tanker Index decreased 1.8%. Similar as with crude oil markets the demand here is weak, but vessel owners are expecting firm May demand (firm is maybe an understatement). I’m skeptical. Concerning floating storage, recent reports say that 40 VLCC’s or 7.5% of world fleet is used to […]
Consumer sentiment for March came out at 69.5 vs. 75 consensus and 73.6 prior reading. A disappointment. Chart 1. University of Michigan/Reuters Consumer Sentiment
U.S. housing starts were reported at 626.000 vs. revised 616.00 March reading (revised from 575.000???). The consensus was at 610.000. Building permits in the same period rose 7.5% to 685.000. You can look the data from two standpoints: 1. The housing industry is recovering; or 2. They are adding additional supply to already oversupplied market. […]