Tuesday, August 1, 2017

The Energy And Market Page, Part II, T+193 -- August 1, 2017

Did you all see the problem (posted last night)? Link here. If you missed it, here is is again:

Now we get this headline from Reuters via Rigzone: OPEC oil output jumps to 2017 high on further Libya recovery. Data points:
  • OPEC production, July, 2017: rose by 90,000 bopd (trivial in relation to total global production; but certainly not an OPEC cut)
  • Libya: averaging North Dakota's output -- one million bopd
  • Iraq: this is where the real problem lies -- July production edged higher
  • Saudi Arabia: 50,000 bopd less; again trivial

Car Sales Weak

Car sales weak. Details to follow. This was predicted some months ago, that auto manufacturers relied too much on fleet sales. Those fleet sales are now coming back to bite us. In early reporting, General Motors, Ford and Fiat Chrysler sales were down 15.4%, 7.5% and 10.5%, respectively.
  • GM: huge crash, both fleet sales and retail sales; 104-day supply much higher than expected (something tells me this is a buyer's market)
Earnings, early morning announcements:
  • Sprint: wow, earnings -- EPS, 5 cents vs a forecast of a loss of one cent. Pre-market: shares down 2.6%.
  • Pfizer: beats by a penny.
  • Under Armour: misses.

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