Monthly Archives: July 2017

oil prices rally 8.6%; US crude supplies fall below those of a year earlier for first time since 2014

oil prices rose every day this past week, in what ended up with the biggest weekly price increase so far this year…the rally started with news on Monday that OPEC had reached an agreement that Saudi Arabia, the Emirates and … Continue reading

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2nd quarter GDP and annual revision; June’s durable goods, new home sales, existing home sales

the key economic release of the past week was the 1st, or advance estimate of 2nd quarter GDP from the Bureau of Economic Analysis, which was accompanied by an annual revision to national accounts data over the prior three years….the … Continue reading

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graphics for July 29

rig count summary: crude oil supplies: oil prices: 2nd qtr GDP:

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oil prices down on rising OPEC output; another drop in US oil, gasoline supplies; backlog of unfracked wells at record high

oil prices were mixed but modestly higher over the first four days of last week, hitting a 6 week high on Thursday, but then fell nearly two and a half percent on Friday to close below $46 a barrel for … Continue reading

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June New Housing Construction, et al

the June report on New Residential Construction from the Census Bureau was the only major monthly economic release of this week…the week also saw the release of the Regional and State Employment and Unemployment for June from the Bureau of … Continue reading

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screenshots for July 22nd

rig count summary: oil imports via Saudi Arabia:

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OPEC output jumps in June, reversing their production cuts by a third; US distillates output at a record high

oil prices increased every day this week, rising $2.31 a barrel, or more than 5%, and as a result recovered almost all of what they lost in the short week following the Independence Day holiday…after falling $2.84 a barrel to … Continue reading

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