EIA Inventory & Existing Home Sales
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
EIA Weekly Inventory: Full Report
Inside the number: Crude -600K Barrels, YOY +7.5M; Gasoline +400K, YOY +10.9M; Distillates +2.3M, YOY +3M; Propane +881K, YOY -2.825M.
Refining capacity +1.3% to 92.8%. Inventories are at all time highs and with summer demand cooling crude prices fell below $72 on the news.
July Existing Home Sales -4.1% @ 6.33M Full Report
Inside the number: YOY sales -11.2%, the lowest since Jan 1994. Worse yet, Inventory +3.2% to a record 3.856M, a 7.3 month supply at the July sales rate, the highest since April 1993.
Coupled with last weeks New Homes data, this paints a grim picture for the housing market, and we think this is just the beginning, the worst is yet to come....
EIA Weekly Inventory: Full Report
Inside the number: Crude -600K Barrels, YOY +7.5M; Gasoline +400K, YOY +10.9M; Distillates +2.3M, YOY +3M; Propane +881K, YOY -2.825M.
Refining capacity +1.3% to 92.8%. Inventories are at all time highs and with summer demand cooling crude prices fell below $72 on the news.
July Existing Home Sales -4.1% @ 6.33M Full Report
Inside the number: YOY sales -11.2%, the lowest since Jan 1994. Worse yet, Inventory +3.2% to a record 3.856M, a 7.3 month supply at the July sales rate, the highest since April 1993.
Coupled with last weeks New Homes data, this paints a grim picture for the housing market, and we think this is just the beginning, the worst is yet to come....
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