Into The Vortex – EIA Reported Natural Gas Storage Added 89Bcf

EIA reported a near expected build of 89Bcf of working gas in storage which lifted Natural gas futures higher. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12Bcf hang near record levels despite maintenance projects. However, futures saw a sharp burst of profit taking Friday and the … Continue reading “Into The Vortex – EIA Reported Natural Gas Storage Added 89Bcf”

Market Wrap – Target in an Attack of the Dribblers Crashes Nasdaq, May 18, 2022

Yesterday the markets continued with no fear in a FOMO bear market rally despite Walmart’s biggest daily fall since 1987 and Fed chair Powell reiterated raising rates and cutting free credit. The dribblers laughed and danced as their stocks squeezed. Today Target $TGT came in for the 1-2 to close at ‎-53.67 (‎-24.93%) also the biggest daily fall since 1987 None of the Dow 30 stocks closed positive on the day, the DJIA closed down -1164.52 points or -3.57% at 31490.06. … Continue reading “Market Wrap – Target in an Attack of the Dribblers Crashes Nasdaq, May 18, 2022”

Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied

The U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. EIA reported US Crude last week drew -3394Kbbl (incl: -2403K Draw at Cushing). Gasoline stocks drew -4779kbbl. Utilization rose -1.80% to 89.4%. Production -100k to 11,800 kbpd. East Coast diesel and heating oil inventories at fresh 32-year low (only data since 1990). The pricing hub of New York Harbor is virtually dry as … Continue reading “Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied”

Market Wrap – Walmart Trashed as Powell Came and Went May 17, 2022

The stock markets continued with no fear in a FOMO bear market rally. All this when Walmart had it’s biggest daily fall since 1987 and Fed chair Powell reiterated raising rates and cutting free credit. Never mind, the S&P 500 rose 2.0% on Tuesday, Nasdaq Composite (+2.8%) and Russell 2000 (+3.2%) while the Dow Jones Industrial Average rose 1.3%. Total retail sales increased 0.9% month-over-month in April (consensus 1.1%) following an upwardly revised 1.4% increase (from 0.5%) in March. The … Continue reading “Market Wrap – Walmart Trashed as Powell Came and Went May 17, 2022”

Market Wrap – Twitter Wars Live with Elon Musk and Jeff Bezos May 16, 2022

The stock markets continued in bear market rally mode, but the main distraction was Tesla’s Elon Musk feud on Twitter with Twitter chair over $TWTR numbers. We had another Billionaire, Amazon founder Jeff Bezos feuding with the Whitehouse over inflation blaming. Consumer discretionary sector was down the most with a 2.0% decline, this sector is down 8.4% this month and down 27.7% for the year. Tesla (TSLA 725.02, -44.52, -5.3%) and Amazon.com (AMZN 2224.63, -37.60, -1.7%) are notably dragging down the sector. Today’s winner … Continue reading “Market Wrap – Twitter Wars Live with Elon Musk and Jeff Bezos May 16, 2022”

Baltic Sea Freight Index Higher for Fifth Straight Week Led By capesize index up 36.4%

The Baltic Exchange’s dry bulk sea freight index rose14.2% for the week. The BDI rose the fifth consecutive weekly gain and to a seven-week high. Pressure came again from rising rates for capesize and supramax vessels. The capesize index rose 36.4%, also its fifth consecutive weekly gain. The panamax index also rose, for the second week in a row. There was fresh activity in the grain market, Algeria’s state grains agency OAIC is believed to have purchased a total of … Continue reading “Baltic Sea Freight Index Higher for Fifth Straight Week Led By capesize index up 36.4%”

Market Wrap – Bargain Hunters Lift NASDAQ Up into The Close May 12, 2022

The stock markets are still trading like they don’t want to go home short. Nasdaq erased -2.25% decline and closed marginally higher by 6.72 points or 0.06%. The Dow industrial average was down -605.89 points or -1.9% at its session lows and closed -103.83 points or -0.33% at 31730.29. S&P was down -76.38 points or -1.94% at its lows and closed -0.13% at 3930.09. From the all-time highs the Dow closed down -14.13% after trading as low as -15.49%, S&P … Continue reading “Market Wrap – Bargain Hunters Lift NASDAQ Up into The Close May 12, 2022”

Into The Vortex – EIA Reported Natural Gas Storage Grew 76Bcf

EIA reported a near expected build of 76 Bcf of working gas in storage saw Natural gas futures shrugged off the news and surge to near a 14-year high. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. However, … Continue reading “Into The Vortex – EIA Reported Natural Gas Storage Grew 76Bcf”

Market Wrap – CPI, Apple and Tesla Fuel More Stock Market Wreckage May 11, 2022

Selling continued after CPI came in hotter than forecast, this time any recovery rally was quickly thrown back by the Bears. The S&P 500 fell 1.7%, Nasdaq Composite fell 3.2%, Russell 2000 fell 2.5% and Dow Jones Industrial Average declined 1.0%. Apple (AAPL 146.50, -8.01, -5.2%) and Tesla (TSLA 734.00, -66.04, -8.3%) led the destruction. DDD holdings were crushed again with Coinbase Global (COIN 53.72, -19.27, -26.4%) and Unity Software (U 30.30, -17.83, -37.1%) the latest to be pillaged. Natural Gas HH maintained its rally and bounced over $105 from … Continue reading “Market Wrap – CPI, Apple and Tesla Fuel More Stock Market Wreckage May 11, 2022”

Around The Barrel – US Crude Oil Strategic Reserves Falls at Record Pace to Lowest Since May 2001

Oil prices have continued to chop over $100 WTI as the U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. East Coast diesel and heating oil inventories at fresh 32-year low (only data since 1990). The pricing hub of New York Harbor is virtually dry. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID … Continue reading “Around The Barrel – US Crude Oil Strategic Reserves Falls at Record Pace to Lowest Since May 2001”