Movers and shakers!
By John Thorpe, Senior Broker
Oil took a $2.40 nosedive when OPEC announced a smaller than expected demand growth forecast for 2025. Flirting with the low end of the 25 month old range, October crude held it’s ground around $66.00/bbl , a mere dollar from the springtime 2023 lows.
Tropical Storm Francine landfall, Basel III Endgame, and tomorrows big number (hint, CPI)
Tonight: Debate for the Presidency 8 p.m. Central.
Today’s News:
Updated: September 10, 2024 5:30 am
**NFIB August US small business optimism index: 91.2 ; prior month 93.7
Updated: September 10, 2024 5:51 am
Chinese customs data released Tuesday showed they imported a record 12.14 mln mt of Soybeans during August 2024, up +29% over August 2023 imports. January through August 2024 soy imports are 70.48 mln mt, up +2.8% over the same period in 2023.
Updated: September 10, 2024 7:01 am
**OPEC cut their 2024 worldwide crude oil demand growth forecast to 2.03 mln bpd from the previous 2.11 mln bpd
Updated: September 10, 2024 7:55 am
Redbook Weekly US Retail Sales Headline Recap
**Redbook Weekly US Retail Sales were +6.5% in the first week of September 2024 vs September 2023
**Redbook Weekly US Retail Sales were +6.5% in the week ending September 7 vs yr ago week
Updated: September 10, 2024 9:21 am
*Federal Reserve Vice Chair of Bank Supervision Barr Tuesday said he’ll recommend regulators re-propose “Basel endgame” and worldwide systemically important bank surcharge capital rules. Seeks to exempt banks under $250 billion in assets from most new requirements, and update for changes to inflation and economic growth
Updated: September 10, 2024 12:26 pm
Shell on Tuesday said they’ve shuttered oil production at their Perdido, Aug er and Enchilada/Salsa platforms in the Gulf of Mexico due to downstream impacts from TS Francine
Updated: September 10, 2024 12:49 pm
On Tuesday, the Port of New Orleans said terminal operations will be shuttered as tropical storm Francine approaches the Louisiana coast, and following damage assessments, they expect operations to resume on Sept 12th.
Updated: September 10, 2024 12:51 pm
Energy industry sources say Exxon Mobil ahead of the tropical storm is reducing their Baton Rouge refinery production, but plans to operate the facility with minimum staff levels.
Watch Tomorrow’s Movers and Shakers:
CPI Consumer Price Index @ 7:30 am CDT.
Consensus Outlook
Overall prices are expected to rise 0.2 percent in August that would match the as-expected 0.2 percent rise in July. Core prices also increased an as-expected 0.2 percent in July with August’s consensus also at 0.2 percent. Annual rates, which in July were 2.9 percent overall and 3.2 percent for the core (both 1 tenth lower than June), are expected at 2.6 and 3.2 percent, respectively.
Earnings: very quiet, only 22 firms reporting
Daily Levels for September 11, 2024
December-March Meal Spread
The Dec-March meal spread corrected after completing its first downside PriceCount objective last month. Now, the chart is threatening to break down and resume its slide. New sustained lows from here would project a possible run to the second count to the -7.3 area.
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.