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Afternoon Note

Oil Slips

By Charles Payne, CEO & Principal Analyst
12/6/2017 2:12 PM
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The three major indices are up slightly. Technology is stronger today as investors seem to be nibbling in this sector again after the recent weakness. Consumer Staples, Industrials and Utilities are also outperforming while Consumer Discretionary, Energy and Telecom underperform.

Speaking of underperforming, energy is down over 1% after the latest report from the Energy Information Administration.  Although crude stockpiles declined by 5.6 million barrels last week, typically a bullish indicator, gas inventories had a larger than expected build of 6.8 million barrels. 


   EIA Petroleum Inventories




  Crude Oil

-5.6 million

-4.1 million


+6.8 million

+2.7 million


+1.7 million

+1.5 million


WTI is down 2.33% on the day and trading around $56.29, and a two-week low.

On the economic front, mortgage applications rose 4.7% last week.  Meanwhile, the real stand out was in refinance applications, which rose 9% as interest pulled back.  Since the presidential election, rates have risen, and refinance applications have dropped 10% from the prior year.  Now that the rates have eased, people are rushing to refinance. 

Decliners are leading advancers 1688/1187 on the NYSE and 1779/947 on the Nasdaq.  For those watching Bitcoin, it hit another new high and is soaring again and close to $13,000 (currently $12,860). 


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