"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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The information presented in this blog and its individual articles is provided for informational use only and should not be considered investment advice or an offer for a particular security. The contents reflect the views and opinions of the individual writer as of the date the article was written and do not necessarily represent the views of the individual writer on the current date. They also do not in any way, shape, or form represent the views of the Firm Never-To-Be-Named. Any such views are subject to change at any time based upon market or other conditions and The Great Redoubt and its individual writers disclaim any responsibility to update such views. These views should not be relied on as investment advice, and because investment decisions for any security are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any contributor to The Great Redoubt. Neither The Great Redoubt nor any individual author can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Please consult your tax or financial advisor for additional information concerning your specific situation.

Wednesday, January 5, 2011

Petroleum and Manufacturing

The ISM Non-Manufacturing Index came in at 57.1% for December, beating expectations by 110 bps. Meanwhile, looking to the EIA Petroleum Balance Sheet, crude oil stocks dropped 4.2 million barrels (about 0.4%), with all of it draining from commercial supplies - the Strategic Petroleum Reserve was untouched at 726.5 million barrels. The gasoline supply increased by 3.3 million barrels (1.5%), though.

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