Oil prices fell back on Wednesday morning after hitting a 10-month high earlier in the week, with WTI now trading around the $90 mark and Brent trading close to $92. The drop in oil prices was driven by profit taking, as traders await a Fed decision that could play a pivotal role in defining the …
The United Kingdom’s Consumer Price Index (CPI) rose 6.7% in August compared to the same month a year ago, the Office for National Statistics reported on Wednesday. The figure marks a slight decrease from July, when annual inflation in the UK stood at 6.8%, and is lower than analysts had anticipated. The largest downward contribution …
Continue reading “UK inflation D-O-W-N to 6.7% in August…… WTF”
The Energy Information Administration reported an inventory build of 4 million barrels for the week to September 8. This compared with a draw of 6.3 million barrels for the previous week, which in turn followed another massive inventory decline of 10.6 million barrels for the week before that. Those large draws were made during peak …
Continue reading “Time to FLUSH the toilet…. Builds In Crude, Fuel Inventories”
For the first time ever, the United Auto Workers union is striking against all Big Three automakers at once, after it failed to clinch a deal on a new contract by the 11:59 p.m. deadline on Thursday. But the UAW strike won’t mean all of the nearly 150,000 union members who work at the three …
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U.S. stocks fall, S&P 500 books another weekly loss amid worries over inflation pressure, auto worker strike U.S. stocks ended down Friday as investors worried about inflationary pressures ahead of the Federal Reserve’s meeting next week as well as an auto workers strike. The Dow Jones Industrial Average shed 288.87 points, or 0.8%, to …
Continue reading “US stock markets closes with losses with strikes in focus”
Macro Conditions Are Still Too Strong for the FOMC to Stop Its Rate Hikes Forbes: The headline 12-month inflation rate increased in August from 3.2% to 3.7%, according to this morning’s Consumer Price Index, but the more important core inflation (which excludes food and energy prices) showed a widely anticipated decline from 4.7% to 4.3%. …
Continue reading “Headline inflation will prove ‘much more’ complicated to fight”
WASHINGTON (Reuters) -The U.S. Energy Department has talked to oil producers and refiners to ensure stable fuel supplies at a time of rising gasoline prices, Jared Bernstein, head of the White House Council of Economic Advisers, said on Wednesday. Rising gasoline prices were largely behind the largest increase in U.S. consumer prices in 14 months …
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World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks. In 2024, naphtha and LPG/ethane, especially in China, will dominate an overall increase of a more modest 990 kb/d, to 102.8 mb/d, reflecting below-trend GDP growth and a structural …
Crude oil prices ticked lower today after the Energy Information Administration reported an inventory build of 4 million barrels for the week to September 8. This compared with a draw of 6.3 million barrels for the previous week, which in turn followed another massive inventory decline of 10.6 million barrels for the week before that. …
The Consumer Price Index (CPI) in the United States rose by 3.7% in August compared to the same month in 2022, according to the report by the Bureau of Labor Statistics on Wednesday. Annual inflation continued its upward trend in August after growing to 3.2% in July. On a monthly basis, the CPI increased by …
Continue reading “US inflation grows to 3.7% in August….. Core running at 4.3%”