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Tag Archives: Oil

Saudi statement, NFIB detail

This means they continue with their discount policy until their entire output capacity is being sold, and then continue to sell their full output capacity at ‘market prices’. That is, they no longer want the high priced producers to benefit from their willingness to to be swing producer and support prices by not selling their full output: Moving ahead, Opec — led by Saudi Arabia — plans to pump as much as it can towards meeting global oil demand, leaving higher-cost producers to make up the...

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Saudi Output, Mtg Purchase Apps, NY ISM, ADP, International Trade, PMI services, ISM Non-manufacturing, Motor Vehicle Sales

If the Saudis are looking to pump more seems they have to continue to lower prices:Sure looks like housing still can’t get out of its own way: MBA Mortgage ApplicationsHighlightsMortgage applications are settling down after spiking and dipping sharply in volatility tied to new disclosure rules put in place last month. Both the purchase and refinance indexes fell an incremental 1.0 percent in the October 30 week with the purchase index up a very solid 20 percent year-on-year. Rates were...

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Crude Oil, Euro, Opec Spending Cuts

So when the Saudis widened their discounts on October 5 it looked to me like they were inducing a downward price spiral that would continue until either they altered pricing or their output increased to full capacity so they couldn’t sell any more at those discounts. So far neither has happened: Fundamentally the euro also looks very strong to me, with a large and rising trade surplus vs a rising trade deficit for the US, and negative rates and QE ultimately further remove euro income from...

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CPI, Empire State Survey, Philly Fed, Brent Crude Price, Previous Banking Post

CPI, Empire State Survey, Philly Fed, Brent Crude Price, Previous Banking Post Consumer Price IndexEmpire State Mfg Survey HighlightsMinus signs sweep the Empire State report with the headline at minus 11.36 which is more than 1 point below Econoday’s low end estimate. Looking at individual readings, new orders are in very deep trouble at minus 18.92 for a fifth straight month of contraction. And manufacturers in the region are not going to be able to turn to unfilled orders to keep busy...

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Exports, Bank Revenues, Chips, Japan, Mtg Purchase Apps, Oil Comment

At U.S. Ports, Exports Are Coming Up Empty Oct 13 (WSJ) — In September, the Port of Long Beach Calif. handled 197,076 outbound empty boxes. September was the eighth straight month in which empty containers leaving Long Beach outnumbered those loaded with exports. Last month, however, Long Beach and the Port of Oakland both reported double-digit gains in exports of empty containers. So far this year, empties at the two ports are up more than 20% from a year earlier. Long Beach’s...

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Saudi Price Cut, Domestic Car Sales, Commercial Paper

This is how they would start a downward price spiral if that’s what they wanted: Saudi Aramco Cuts Crude to Asia, U.S. Amid Weak Demand By Anthony Dipaola Oct 4 (Bloomberg) —Saudi Arabia cut pricing for November oil sales to Asia and the U.S. as the world’s largest crude exporter seeks to keep its barrels competitive with rival suppliers amid sluggish demand. Saudi Arabian Oil Co. reduced its official selling price for Medium grade crude to Asia next month to a discount of $3.20...

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