US consumer spending rose in December by most in three months -- Bloomberg. Data points:
- previous month revised upward, up to 0.2 percent
- 0.5 percent advance in consumption (consumption accounts for about 70 percent of the ecoomy)
- 0.3 percent increase in income
- consumers flocked to auto dealerships last month to top off a record year for the industry
- sales of cars and light trucks jumped to a 18.3 million annualized rate in December, pushing the year's total purchases to a record 17.55 million
*****************************************
This is from oilprice.com: OPEC may be powerless to stop "lower for longer."
- consider the source
Data points:
- links the 2017 BP Energy Outlook
- oil resources are abundant and those that are known today dwarf the expected global consumption of oil out to 2050 and beyond
- low-cost production will pump "ever-increasing amounts of that oil and higher-cost producers will be gradually crowded out"
- abundance of oil resources contrasts with expectations of slowing growth of oil demand
- BP: supply-demand analysis suggests that oil prices may not only be lower for longer, but that they may be lower for even longer
From BP's 2017 Energy Outlook:
*******************************************
OPEC Not Cheating ... Yet
or
Fast and Furious?
OPEC convinces investors that its oil output cuts are real -- Bloomberg. Data points:
- money managers' WTI net-long positions rise to record -- CFTC
- OPEC supply to fall by 900,000 bopd this month, the first month of cuts -- Petro-Logistics
- Saudi Arabia, Kuwait, Algeria: said they have cut more than required
- Russia: curbing production faster than was agreed
- one headwind: increased US shale production
- US production in 2017: will increase by 1 million bopd
- US crude production: climbed to 8.96 million bopd as of January 20, 2017
- US crude production closing in on EIA's latest 2017 output forecast of 9 million bopd that as issued January 10, 2017
*************************************
Trump Enthusiasm Continues
US consumer spending rose in December by most in three months -- Bloomberg. Data points:
- previous month revised upward, up to 0.2 percent
- 0.5 percent advance in consumption (consumption accounts for about 70 percent of the ecoomy)
- 0.3 percent increase in income
- consumers flocked to auto dealerships last month to top off a record year for the industry
- sales of cars and light trucks jumped to a 18.3 million annualized rate in December, pushing the year's total purchases to a record 17.55 million
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.