The government's offer of barrels from the Strategic Petroleum Reserve has mitigated some of the upward price pressure on crude oil. The problems with gasoline and natural gas may not be helped even if the SPR is tapped. If refineries are offline and can't run the extra oil, it will make no difference. |
The Iran situation will stay in the background until early March when both the IAEA and OPEC meet. |
The Iranian situation appears to be getting worse. |
The ISM service survey joins a number of economic indicators that have shown robust economic resilience in the wake of Katrina and Rita, |
The manufacturing sector seems to be on a very solid footing. |
The month-over-month increase at 0.4 percent was the swiftest rate since January 2005. The implication is that core inflation may be rising. |
The most disconcerting part of the PPI report today was the rate of final core producer price pressures in January. |
The real shocker is that there was a build of natural gas at this time of year. |
The retail sales report was the most significant piece of data we had in weeks and that certainly had the stock market going. It points to a solid first quarter, with earnings growth. |
The saber-rattling on both sides of the table has led to some pricing in of risk, but it's quite conceivable we could see prices go back to $60, even the high $50s, if this dispute reaches a resolution or even a stalemate. |
The service sector performed well, with new orders rising, prices declining and employment inching up. |
The sky isn't falling, just new non-defense aircraft orders. |
The stock market is reacting to the strong earnings reports we've seen earlier today. But sooner or later, companies may have to start passing through the increase in energy costs or be hurt by it. |
The supply disruption premium has overwhelmed fundamental physical supply in the marketplace as issue number one. |
The tangible, physical disruption of Nigerian supply has propped up prices over the past few weeks. |