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DOE crude oil inventory data 9934K vs 1750K estimate

Weekly DOE inventory data show a large crude inventory build. Crude oil prices fall.

Weekly DOE inventory data show a large crude inventory build. Crude oil prices fall. 
  • Crude oil inventory 9934K vs 1750K est. Largest built since November 9, 2018
  • Gasoline inventory 917K vs -950K est
  • Distillates -1307K versus -750K
  • Cushing 265K vs 463K last week
  • US refinery utilization -0.9% versus +0.5% estimate
  • DOE crude oil implied demand 18295 vs 18566 last week
  • DOE gasoline implied demand 9916.1 versus 9955.3 last week
  • DOE distillates implied demand 5377.7 versus 5403.6 last week

The price of crude oil has move lower and currently trades at $63.40 down $.51 or -0.82%

crude oil futures stayed below its 100 hour moving average in trading today

Positive Trading Approach is Key to Trading Success

Keeping up a positive trading disposition will enhance your cash administration and risk management skills. A negative trading attitude will modify your reasoning and mentality. Your disposition will decide if you are gainful with your trading. Your state of mind is more imperative than your market information and even your level of understanding. It is critical how you respond to the market and not what the market will do to you. Continuously break down every single trade, victors, and failures. Having a trading diary will enable you to distinguish what works for you and so forth; it will channel you the correct way. It is by a

long shot the most supportive technique for individual trading reflection. Controlling feelings is likewise required in such manner. Passionate swings and enthusiastic anxieties affect your mental perspective and will influence your trading choices. When you trade with feelings you don’t trade obviously and normally. A few books discuss isolating your feelings from trading. Trading includes the most passionate product on the planet, which is cash. Cash outlives loathe, love, insatiability and whatever else you can ever envision. The best way to control your feelings as a dealer is to have a strong trading plan. Yes, brain science identifies with the psyche. In any case, the brain does not work in confinement. It’s a piece of an entire personality body framework. Furthermore, it gets its fuel from the body.

Discipline in Trade Enhances Psychological Advancements

The concentration is entering in trading. Ensure you are don’t have any diversions around, no web perusing, no telephone replying, no children playing, it ought to be simply you and the graphs. Give the graphs a chance to address you and they will guide you. Trading and the entire psychology is sufficiently hard, worrying around a temperamental trading stage, poor graphing and design, terrible web association can take a hard toll on your trading and the future achievement of your business. The train is made an interpretation of in the capacity to take after your trading plan. The train is the quintessence of the greater part of the mental issues. Set aside the opportunity to assess your arrangement before speculation to put a trade, break down economic situations before pulling the trigger. Discipline is one of the key qualities you need so as to have the capacity to manage diverse circumstances in trading from the point you choose to enter your trade, to how you deal with your trade to setting and sitting tight for your objectives. Notwithstanding what instrument you are trading whether it is stocks, fates, forex, it is imperative to create sound trading propensities appropriate from the earliest starting point, this will quickly track you are trading to progress and benefit.

What is on the calendar today? FOMC decision the highlight.

A quick look at the economic calendar today

We have already seen the ADP come out better than expectations (with caveats as the creator of the number discounted its strength).  Later today, the calendar has a good deal of releases.
  • Markit Canada manufacturing PMI for April will be released at 9:30 AM ET. Last month the index came in at 50.5
  • Markit US manufacturing PMI for April (final) will be released at 9:45 AM ET. The estimate is for 52.4 versus 52.4 in the preliminary report
  • US ISM  manufacturing for April we released at 10 AM ET with estimate at 55.0 versus 54.3 last month. Employment was at 57.5. Prices paid is expected to rise to 55.0 from 54.3. New orders last month came in a 57.4
  •  construction spending for March will also be released at 10 AM ET investment 40.0% versus 1.0% last month
  • DOE crude oil Tories are expected to show a build of 1750K.  The private data last night showed a surprise build of 6810K.
  • the FOMC rate decision will be made at 2 PM ET with the Chair Powell press conference scheduled for 2:30 PM ET

What is on the calendar today? FOMC decision the highlight.

A quick look at the economic calendar today

We have already seen the ADP come out better than expectations (with caveats as the creator of the number discounted its strength).  Later today, the calendar has a good deal of releases.
  • Markit Canada manufacturing PMI for April will be released at 9:30 AM ET. Last month the index came in at 50.5
  • Markit US manufacturing PMI for April (final) will be released at 9:45 AM ET. The estimate is for 52.4 versus 52.4 in the preliminary report
  • US ISM  manufacturing for April we released at 10 AM ET with estimate at 55.0 versus 54.3 last month. Employment was at 57.5. Prices paid is expected to rise to 55.0 from 54.3. New orders last month came in a 57.4
  •  construction spending for March will also be released at 10 AM ET investment 40.0% versus 1.0% last month
  • DOE crude oil Tories are expected to show a build of 1750K.  The private data last night showed a surprise build of 6810K.
  • the FOMC rate decision will be made at 2 PM ET with the Chair Powell press conference scheduled for 2:30 PM ET

The ADP employment change for April rose 275K vs 180k Est.

ADP employment report

  • The ADP employment report of April showed a rise of 275K versus 180K estimate
  • The March reading was revised higher to 151K from 129K
  • goods jobs +52K
  • Services jobs +223K
  • the non farm payroll estimate for Friday is at 190K
  • small firms (less than 50 employees) +77K
  • medium firms (50-499 employees) +145K
  • large fims >499 employees) +53K
The numbers of much stronger than expectations. However in the unusual twist, Mark Zandi from Moody’s Analytic who publishes the data for ADP is discounting their own report and gain as being biased higher this month. UGH

Guardian owner reports operating profit after years of losses

Guardian News and Media, which publishes the Guardian and Observer, has reported an operating profit for the first time in two decades, following a three-year restructuring plan.

The UK group swung to an operating profit of £800,000 in the year ending April 1, and highlighted “good growth” in digital advertising and voluntary reader contributions. Losses before interest, taxes, depreciation and amortisation were £19m a year earlier.

The figure excludes up to £30m costs for technology, redundancies and management of the nearly £1bn Scott Trust Endowment Fund that the company relies on for funding.

Revenue rose 3 per cent to £223m, which the company said was the highest level in a decade.

“Although the significant turbulence in the global media sector shows no sign of abating any time soon, we have developed a set of core strengths which will help to ensure the Guardian’s ongoing independence and financial sustainability for the long term,” said chief executive David Pemsel.

The Guardian has been partly supported by voluntary contributions from its readers. The company said it has more than 655,000 monthly paying “supporters”, and had received an additional 300,000 one-off contributions in the past year.

By 2022, the company aims to reach 2m supporters who contribute through “regular or one-off payments or subscriptions”.

Mr Pemsel and Katharine Viner, editor of the Guardian, have set out their financial goals, saying annual cash requirements were to remain in line with the expected £25m-30m annual returns of the Scott Trust.

Mnuchin says concluded productive meetings with China’s Liu He

Mnuchin tweets that talks with continue next week in Washington

The full tweet:

.@USTradeRep Ambassador Lighthizer and I just concluded productive meetings with China’s Vice Premier Liu He. We will continue our talks in Washington, D.C. next week.

Doesn’t look like there’s any major breakthrough just yet. I reckon by the time they actually agree on something, plenty of crucial parts would’ve been stripped off the deal and it won’t be of much meaning but more symbolic rather.
As Eamonn noted earlier, it certainly looks like a fun party:
US China
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