Afternoon Note
Equity market gyrations continue as the market tries to make up its mind on direction. The Dow was up 45 points on the open, but it quickly traded down to retest yesterday’s low @ 23,828. Today’s low was 23,823 so it was a successful retest. The next challenge for the Dow is to get through its opening price of 24,070. If it can get through and hold that level, it can build on it tomorrow.
The Energy Information Administration, EIA, released its Weekly Petroleum Data for the week ended April 20. Crude oil inventories increased by 2.2 million barrels from the previous week and are in the lower half of the average range for this time of year. The estimate was for a 2.2 million draw. Crude oil initially sold off on the news, trading down to $67.32 from $67.80, but has since recovered and is trading @ $67.74. Crude has been range bound since breaking above $67 on April 18. The high mark of the range has been just shy of $70, $69.43 and the low just above $67, $67.25.
Motor gasoline inventories increased by 0.8 million barrels last week and are in the upper half of the average range.
EIA Petroleum Inventories |
Actual |
Expected |
Crude Oil |
2.2 million |
-1.6 million |
Gasoline |
0.8 million |
-0.6 million |
Distillates |
-2.6 million |
-0.9 million |
U.S. gasoline prices are up $0.10, 3.70%, in the past two weeks and averaged $2.80 for the week ended 4/23. During that same period crude has risen $4.37, 6.89%. Only 57% of the price of gasoline is physical crude oil. Refining makes up 14%, Distribution and Marketing 11% and Taxes 18%.
On the housing front, mortgage applications decreased 0.2% for the week ending April 20, after rising 4.9% in the prior week, and was 0.8% lower than the prior year. Purchase applications were unchanged, and 11% higher than a year ago. High demand and Tight supply remains a key issue for purchases. First-time home buyers’ applications fell again as inventory for entry-level homes remains constrained and rising home prices and interest rates put a damper on sales. Refinance applications declined 0.3% as the average 30-year mortgage rose to 4.73% from 4.66%, the highest rate since September 2013, and represented 37.2% of the total applications, which was the lowest rate since September 2008. Refinance rates were 16% lower than the prior year.
Tweet |
4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
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 |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|