02 Feb 2018
Leading the industry in money fund news.
FRONT MONTH BRENT's early dip to $54.44 (currently back up to circa $54.80) brought thoughts of the 2-month rising trendline into play a break of which, TECHNICAL ANALYSIS suggests, would lead to a deeper correction.
The move back under $55 (still well within the post-production deal range) was instigated by Tuesday's US API inventory data and quells talk of front-end BACKWARDATION for the time being.
The official DoE numbers at 15:30GMT will not just be watched for oil inventories. As we mentioned Tuesday, GASOLINE stocks (at close to record peaks even on a seasonal basis) are also under scrutiny, in particular implied demand (measured by total motor gasoline supplied). The 4-week moving average of the latter plummeted to 8.2mn brls last week a level not seen since 2012. If this sort of demand level continues, the sharpness of the fall would imply the US consumer isn't in the best of health � a negative for the US economy and oil demand.
IGM FX and Rates
31 Jan 2017
Between the inevitabilities of death and taxes one would like to hope there’s room for a comfortable, perhaps a long, retirement. Alas, the data on that possibility is rather depressing for an awful lot of Americans.