Good news for US refiners, but only temporary, from Platts: China's exports of transport fuels plunged in January on the back of high domestic demand, a clampdown on overseas sales by independent refiners and port delays, but are are expected to bounce back in February because of stronger refinery operating rates.
Bad, bad news for Saudi Arabia: loved $100-oi; now needs $80-oil; wants $60-oil; will be lucky to average $55-oil this year; and today, WTI is below $53/bbl.
US gasoline demand: clawing its way back (dynamic link) but still well behind last year at this time.
Market: I assume the market will plunge about 5, 000 points today as folks start to take their profits. LOL.
Jobs: first time claims for unemployment claims on tap. Last week, claims ticked up by more than expected to 244,000, revised to 242,000. Today's report:
- decline far exceeds expectations
- the consensus actually showed a jump in claims to 245,000
- in fact, the claims plunged: dropped 19,000 to 223,000
- 4-week moving average: 234,250
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