Meanwhile, the EIA says that strong domestic and export demand is outpacing US gasoline production, resulting in stock draws. This graphic summarizes many of the data points noted (some of them posted) in the past 24 hours:
GDP Now: Latest forecast: 3.5 percent — August 9, 2017.
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 3.5 percent on August 9, down from 3.7 percent on August 4.
The forecast of the contribution of inventory investment to third-quarter real GDP growth declined from 1.11 percentage points to 0.99 percentage points after this morning's wholesale trade report from the U.S. Census Bureau.From the AP:
Bonanza Creek Energy Inc. on Tuesday reported second-quarter net income of $93.4 million, after reporting a loss in the same period a year earlier.
The Denver-based company said it had profit of $1.67 per share. Earnings, adjusted for non-recurring gains, came to 27 cents per share.
The oil and gas company posted revenue of $44.1 million in the period.
Bonanza Creek shares have decreased 76 percent since the beginning of the year. The stock has decreased 72 percent in the last 12 months.