Oil does indeed disappoint today

Today oil prices are down further on the EIA’s oil inventory report: Crude inventories climbed by 2.28 million barrels to 525.9 million barrels for the week that ended on August 26. That’s the highest seasonal level for crude stockpiles in more than two decades. Analysts surveyed by Bloomberg before the release of the report were looking for an increase in inventories of 1.3 million barrels

Oil continues to pull back in anticipation of increase in oil inventories in tomorrow’s data

Oil continues to pull back in anticipation of increase in oil inventories in tomorrow’s data

Two down days in a row–a big trend given the volatility in oil price trends recently. As of noon New York time on Tuesday, August 30, October futures for West Texas Intermediate, the U.S. benchmark, were down 1.28% to $46.38 a barrel. The selling comes as a Bloomberg survey showed that traders expect a climb in crude inventories of 1.5 million barrels in the U.S. EIA report due tomorrow.

So far the market believes the Fed was just bluffing in Jackson Hole speeches on September interest rate increase

Last week Federal Reserve chair Janet Yellen tried to convince financial markets in her speech at the Fed’s annual Jackson Hole get-together that an interest rate increase at the central bank’s September 21 meeting was still a possibility. But just as the market has brushed off earlier similar comments from the heads of the Atlanta and San Francisco Federal Reserve Banks, this week has opened with financial markets saying in essence No way

Vacation daze: I’m taking a week off

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Financial markets don’t take newest Fed comments on interest rates to heart

In the short term yesterday’s remarks from John Williams, head of the San Francisco Federal Reserve, were just another effort by Fed officials–including the heads of the Atlanta and New York banks, to keep the market from getting so comfortable with the idea that the Fed will stay on the sidelines that the U.S. central bank winds up with no room for an interest rate increase at any point in 2016–even in December.