U.S. crude inventories fall again
U.S. crude inventories dropped by 2.06 million barrels last week, according to the U.S. Energy Information Administration. Normally, this "shoulder" period sees stockpiles climb as refineries undertake maintenance in the break between peak summer gasoline demand and...
China says it won’t intentionally devalue yuan in response to U.S. tariffs
Just hours after the Trump administration announced 10% tariffs on an additional $200 billion in Chinese exports, Chinese Premier Li Keqiang said the nation wouldn’t devalue its currency in order to make its exports more competitive. Which, of course, doesn't mean the...
Pioneer Natural Resources signs deal to cut fracking sand costs by 50%
It's always important to see who has the leverage--customers or suppliers--when costs start to rise. On the recent agreement between Pioneer Natural Resources (PXD), perhaps the dominant oil shale producer in the Permian Basin, and fracking sand producer U.S. Silica...
China cut buying of U.S. Treasuries in July–but what’s happening now?
Talk about frustratingly lagging data. China’s holdings of U.S. Treasuries fell to a six-month low in July, according to the latest data from the Treasury Department released today. The first found of U.S. tariffs went into effect on July 6. China’s ownership of U.S....
Oil climbs as Iranian exports plunge
West Texas Intermediate is up 1.32% to just below $70 a barrel ($69.82 at 3 p.m. New York time) today. International benchmark Brent crude is up 1.2% and is closing in on $80 a barrel ($78.99.) With almost 50 days to go before U.s. sanctions against Iran go into pull...
Stocks rise on “It could have been worse” reaction to new U.S. tariffs on China
A day after the Trump administration announced 10% tariffs on an additional $200 billion in Chinese exports to the United States, stocks are up on a "It could have been worse" reaction. At 12:30 p.m. New York time the Standard & Poor's 500 stock index was ahead...
President Trump announces 10% tariffs on another $200 billion in Chinese goods
Global financial markets spent most of the day waiting for the shoe to drop. And shortly after 6 p.m. Washington time it did. President Donald Trump announced a 10% tariff on an additional $200 billion in Chinese exports to the United States. Those tariffs will go...
China’s Shanghai market has given back all its gains since 2014
Overnight--and that means before the latest saber rattling today from Washington and Beijing--the Shanghai Composite Index dropped another 1.1% to 2651.79. That took the market below the January 2016 bottom of one of the market's worst ever routs. The Shanghai index...
It was a He said; Xi said market today
For much of today U.S. stocks were locked in a slightly negative range as investors and traders vacillated from fears that the Trump administration would impose a new set of tariffs on $200 billion in Chinese goods and the hope that Chinese leader Xi Jinping would...
Saturday Night Quarterback says, For the week ahead expect…
...U.S. stocks to move in lockstep with news from the U.S.-China tariff war. As the last week emphatically demonstrated, right now U.S. stocks go up on days when there's news that suggests the two sides will resolve their conflict short of an all out war. This past...
Trick or trend: The U.S. Treasury market is a dangerous mess last the short end–what will the Fed do to fix it?
Our regular (or occasional or perhaps occasionally regular) Friday series ( actually running on Friday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. If you've...Download Jim’s eBook for Free
