Afternoon Note
Consumer confidence holds steady coming in slightly ahead of consensus at 98.5. The sentiment cooled from a 13-year high reported in October. University of Michigan survey saw expected gain of 2.7% in real consumption expenditures in 2018 which is the best run-up to the holiday shopping season in a decade. This bodes very well for our thesis that the consumer will open their wallets for holiday purchases.
Survey of Consumers |
Nov 2017 |
Oct 2017 |
Nov 2016 |
Index |
98.5 |
100.7 |
93.8 |
Current |
113.5 |
116.5 |
107.3 |
Expectations |
88.9 |
90.5 |
85.2 |
We won't have to wait long for some early sales figures with Black Friday and Cyber Monday on tap.
Oil prices gain terrain after U.S. crude weekly declined in line with expectations. The EIA reported crude supplies fell by 1.9 million barrels, much less than expected. Gasoline stockpiles were unchanged, while distillate stockpiles edged up by 300,000 barrels, consensus expected a rise of 737,000 barrels for gasoline and a decline of 1.16 million barrels for distillates.
EIA Petroleum Inventories
|
Actual |
Expected |
Crude Oil |
-1.90 million |
-2.11 million |
Gasoline |
+44,000 |
+737,000 |
Distillates |
+300,000 |
-1.16 million |
Let’s keep our powder dry. Happy Thanksgiving!
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4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
4/3/2024 9:33 AM | A LITTLE LESS SWAGGER |
4/2/2024 1:16 PM | Under Pressure |
4/2/2024 9:49 AM | HIGHER PRICES & JOBS LOSS – “NO” ON FED BINGO CARD |
4/1/2024 10:00 AM | OF COURSE, HE CAN WAIT…THE DATA STILL NOT ADDING UP |
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