Global Macro Perspectives
Number of oil drilling rigs fell for 10 for the week ending June 4, 2010: Number of natural gas drilling rigs fell for 20 rigs in the same time frame. Offshore drilling ban is a reason for a this kind of a drop. The number of offshore drilling rigs fell for 24, out of which 23 were […]
Important U.S. earnings this week: Monday: Alliance One International (AOI), Cascade (CASC), Urstadt Biddle Properties (UBA), Altera (ALTR), Thor Industries (THO), Biglari Holdings (BH) Tuesday: Cantel Medical (CMN), Take-Two Interactive Software (TTWO), CorVel (CRVL), Oxford Industries (OXM), Pep Boys – Manny, Moe & Jack (PBY), NCI Building Systems (NCS), Bob Evans Farms (BOBE), Stanley (SXE), […]
Baltic dry index fell 5.7% last week; The hardest hit sectors was Panamaxes with 8.7% loss and Supramaxes with 8.1% loss; Capesizes and Handysizes lost 2.1% and 3.5%. Expectations running high, stockpiles high, financial crisis threatening to cause a economic crisis. Iron ore prices sliding. It looks the things are slowing down in China. On the other hand ship prises rose […]
Baltic Dirty Tanker Index fell 6.1%; Baltic Clean Tanker Index fell 6.3%. A reflection of the things happening in the capital markets… Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
I will be away from the markets (at least mentally) for the next week or so. Regular service continues on Monday, June 7.
Important U.S. earnings this week: Monday: Urstadt Biddle Properties (UBA), Adaptec (ADPT) Tuesday: Calavo Growers (CVGW), Stanley (SXE), Cantel Medical (CMN), Collective Brands (PSS) Wednesday: Greif (GEF), Daktronics (DAKT), Coldwater Creek (CWTR), Applied Signal Technology (APSG), Cyberonics (CYBX), ABM Industries (ABM), United Natural Foods (UNFI), Thursday: SAIC (SAI), Joy Global (JOYG), Jos. A Bank Clothiers […]
We had 17 more crude oil drilling rigs operating and 2 natural gas operating rigs less for the week ending May 28 in the U.S. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. Rig Count Chart 3. Baker Hughes Monthly World Rig Count
Baltic dry index rose 6.1% last week, again Capesizes giving the direction with 20.8% gain. Panamax, Supramax and Handysize Index all recorded losses and underperformed the broader index. China Iron ore stockpiles again rising, Capesize rates probably fueled by coming India rain season which makes iron ore exports virtually impossible, so buyers have to turn […]
Baltic Dirty Tanker Index fell 13.6%; Baltic Clean Tanker Index fell 4.5%. With trans-Atlantic product arbitrage being dead and world commodity markets rocking, the only possible route for the over-supplied market is down. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Personal income rose 0.4% MoM vs. 0.5% consensus and 0.3% March reading. On YoY level the personal income is up 2.5%. Consumer spending remained unchanged in April vs. 0.2% consensus and 0.6% prior reading. On YoY level the consumer spending is up 4.6%. Chart 1. Personal Income Chart 2. Consumer Spending
Consumer sentiment for May came out at 73.6 vs. 73.3 consensus and 72.2 April reading. Chart 1. University of Michigan/Reuters Consumer Sentiment
Working gas in storage rose 104 Bcf from previous week. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
U.S. GDP growth in Q1 2010 was revised to 3.0%. The consensus was at 3.5%, Q4 reading was at 5.6%. Chart 1. U.S. Real GDP & Percent Change Source: Blytic.com
Initial jobless claims were reported at 460.000. The consensus was at 450.000, last week revised reading was at 474.000. Chart 1. U.S. Initial Jobless Claims
Crude oil stocks rose 2.5 million barrels; Other oils stocks rose 1.6 million barrels; Other category of stocks were mostly unchanged for the week ending May 21. Refinery utilization fell from 87.9% to 87.8%. Crude oil and petroleum product net imports rose to 11 million barrels. All categories of petroleum stocks are still at extremely […]