July 2018 - Beyond The Breakers Trading

Trump, E.U. Announce Deal to Avert Escalation of Trade Tensions

Several of President Trump’s senior economic advisers believe he plans to push forward with 25 percent tariffs on close to $200 billion in foreign-made automobiles later this year, three people briefed on internal discussions said.

Trump wants to move forward despite numerous warnings from GOP leaders and business executives who have argued that such a move could damage the economy and lead to political mutiny.

But Trump has become increasingly defiant in his trade strategy, following his own instincts and intuition and eschewing advice from his inner circle. He has told advisers and Republicans to simply trust his business acumen, a point he tried to reinforce Wednesday morning in a Twitter post.

In a late development, Trump and E.U. president Jean-Claude Juncker announced a limited trade deal meant to ratchet down tensions. So…that’s good, I guess.

EIA: Commercial Crude Oil Inventories Increased by 5.8 Million Barrels

Below are the key takeaways from the weekly report published by the U.S. Energy Information Administration.

U.S. crude oil refinery inputs averaged 17.2 million barrels per day during the week ending July 13, 2018, which was 413,000 barrels per day less than the previous week’s average.
U.S. crude oil imports averaged 9.1 million barrels per day last week, up by 1,635,000 barrels per day from the previous week.
U.S. commercial crude oil inventories increased by 5.8 million barrels from the previous week.
Total products supplied over the last four-week period averaged 20.7 million barrels per day, down by 0.3% from the same period last year.

U.S. oil prices tumble even after biggest weekly supply drop in nearly 2 years 11 July 2018

U.S. Oil Prices Pare Losses after EIA Reports a Weekly Plunge in U.S. Crude Supplies

U.S. oil prices pared much of their earlier losses Wednesday after the Energy Information Administration reported that domestic crude supplies plunged by 12.6 million barrels for the week ended July 6. Analysts surveyed by S&P Global Platts had forecast a fall of 4.8 million barrels, while the American Petroleum Institute on Tuesday reported a drop of 6.8 million barrels, according to sources.

Gasoline stockpiles fell by 700,000 barrels for the week, but distillate stockpiles jumped 4.1 million barrels higher for the week, according to the EIA.

The S&P Global Platts survey forecast a supply decrease of 1 million barrels for gasoline and a rise of 1.7 million barrels for distillate stocks.

August crude CLQ8, -0.67 fell 40 cents, or 0.5%, to $73.71 a barrel on the New York Mercantile Exchange, up from $73.27 before the supply data.

EIA: Commercial crude oil inventories increased by 1.2 million barrels from previous week

Below are the key takeaways from the weekly report published by the U.S. Energy Information Administration.

U.S. crude oil refinery inputs averaged 17.7 million barrels per day during the week ending June 29, 2018, which was 163,000 barrels per day less than the previous week’s average.
U.S. crude oil imports averaged 9.1 million barrels per day last week, up by 699,000 barrels per day from the previous week.
U.S. commercial crude oil inventories increased by 1.2 million barrels from the previous week.
Total products supplied over the last four-week period averaged 20.9 million barrels per day, up by 1.4% from the same period last year.

Monthly Archives: July 2018