Archives of “May 22, 2019” day

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Pres Trump will not do infrastructure deal under these circumstances

  
Analysis, Politics

No deal as long as phony investigations continue

Pres Trump at the White House
  • upset that Democrats discuss impeachment before White House meeting on infrastructure
  • when Democrats probes are over, he is ready to work with them on infrastructure, drug prices
  • We are doing a lot without the Democrats
Earlier today, Pelosi said that
  • “We believe no one is above the law including the President of the United States, and we do believe the President of the United States is involved in a cover-up”

Crude oil inventories +4740K vs -1700K estimate.

  
Analysis, Crude

Weekly crude oil inventory data from the DOE

Crude oil inventory climbs by 4740K in the current week
  • Crude oil inventories, +4740K vs -1700K est
  • Cushing OK crude inventory, 1266K va 1805K last week
  • Gasoline inventory, 3716K vs -850K estimate
  • Distillate inventory, 768K vs -500K estimate
  • US refinery utilization -0.6% versus +0.5% estimate
  • crude oil implied demand 18466 versus 18936 last week
  • gasoline implied demand 9845.4 versus 9932.6 last week
  • distillates implied demand 5198.3 versus 5293.0 last week
The private data from the API showed a +2400 build but this data is even larger.  THe price of crude oil has moved down to $62.00 from  $62.50 before the report.
The contract is below its 200 hour moving average at $62.34 and is moving toward the 50% retracement of the move up from the May 6 low and $61.93.
crude oil is testing its 50% retracement of the move up from the May 6 level

Chinese president Xi: We should defeat various domestic, foreign risks and challenges

  
Analysis, Politics

Comments by Chinese president Xi Jinping

  • Says to step up technology innovation, expand industrial chain
  • Says to push forward with quality manufacturing in the country
  • Says to speed up development of core technologies with own intellectual property
Yup, sure looks like China will be keeping to itself now and the language here certainly is a subtle message to the US in the trade dispute we’re currently seeing.
“You sayin’ I stole some intellectual property, man?”

Nikkei 225 closes higher by 0.05% at 21,283.37

  
Analysis, Global Indices

Tokyo’s main index ends near flat levels, but closer to the lows today

Nikkei 22-05

Japanese stocks had quite a bit to deal with in the session today with trade balance data suggesting that exports are showing a further slump but domestic demand is seen improving. However, US-China trade tensions are still seen lingering in the region and that didn’t really help with the mood in the final two hours of trading.

Elsewhere in Asia, Chinese stocks are on the back foot with the Shanghai Composite down by 0.6% currently. That should lend to a slightly more cautious mood as we begin European trading, with US equity futures also down by 0.1% on the day.
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