Source: EIA Crude oil inventories in the United States declined in the past week as imports dropped while refinery inputs increased. Commercial crude oil inventories stood at 423.6 million barrels in the week ending December 17, 2021, down 4.7 million barrels from the previous week.The latest reading is 8% lower than the five-year average for this time of the … [Read more...] about US Crude Oil Inventories Fall to 423.6 Million Barrels
Existing Homes Sales Surge 1.9% in November but Remain Short of 2020 Levels
Source: NAR Sales of existing homes in the US reached an annual rate of 6.46 million in November, up 1.9% from October. SPY is up +0.29%, DXY is down 0.26%. The increase in existing home sales happened even as housing prices reached $353,900 in November, an increase of 13.9% from the prior year. House prices rose in all regions, with the South posting the highest … [Read more...] about Existing Homes Sales Surge 1.9% in November but Remain Short of 2020 Levels
US GDP Cools to an Above-Estimate Growth After a 2.3% Jump in Q3 2021
Source: Bureau of Economic Analysis The US recorded an annual gross domestic increase of 2.3% in the third quarter, below the second quarter expansion of 6.7% but above the estimated 2.1%. DXY is down -0.26%, SPY is up +0.065%. The slowdowns in the third quarter GDP reflects an economic slowdown caused by the resurgence of Covid-19 infections.In current dollar terms, … [Read more...] about US GDP Cools to an Above-Estimate Growth After a 2.3% Jump in Q3 2021
Mortgage Applications Slip Even as Interest Rates Fall to Month Lows
Source: CNBC Mortgage application volumes declined in the past week, even as interest rates were cut down to the lowest level a month. XHB is up 0.24% premarket. The total mortgage application volume for the past week slipped by 0.6% from the previous week, data from the Mortgage Bankers Association showed.The average contract interest rate for the 30-year fixed-rate … [Read more...] about Mortgage Applications Slip Even as Interest Rates Fall to Month Lows
UK Third-Quarter Economic Growth Downgraded to 1.1%
Source: Office for National Statistics The United Kingdom’s third-quarter economic growth was revised lower to reflect a slower services output growth, along with a decline in production output. EWU is flat premarket. The third-quarter economic growth was downgraded to 1.1% from the earlier announced 1.3%, following an upward revised 5.4% in the second quarter.The latest … [Read more...] about UK Third-Quarter Economic Growth Downgraded to 1.1%
