Futures Market Recap for 05.26.11

Economic Data

Real GDP - Q/Q change - SAAR	Prior 1.8 %	Est 2.1 %	Range 1.9 % to 2.6 %	Actual  1.8 %
GDP price index - Q/Q change - SAAR	1.9 %	1.9 %	1.9 % to 2.0 %	1.9 %

New Claims - Level	Prior 409 K	Rev 414 K	Est  404 K	Range 395 K to 420 K	Act 424 K
4-week Moving Average - Level	439.0 K	440.25 K			438.5 K

After-tax Profits - Y/Y change

Pror 11.4 %

Act 5.8 %

EIA Natural Gas Storage Data

Total (05/20/11): 2,024 Bcf (05/13/11): 1,919 Bcf Change: 105 Bcf 

Year ago stocks: 2,254 Bcf % diff to yr ago: -10.2 % 

5-year avg stocks: 2,050 Bcf % dif to 5-yr avg: -1.3 % 

Summary
Working gas in storage was 2,024 Bcf as of Friday, May 20, 2011, according to EIA estimates. This represents a net increase of 105 Bcf from the previous week. Stocks were 230 Bcf less than last year at this time and 26 Bcf below the 5-year average of 2,050 Bcf. In the East Region, stocks were 110 Bcf below the 5-year average following net injections of 56 Bcf. Stocks in the Producing Region were 133 Bcf above the 5-year average of 769 Bcf after a net injection of 38 Bcf. Stocks in the West Region were 49 Bcf below the 5-year average after a net addition of 11 Bcf. At 2,024 Bcf, total working gas is within the 5-year historical range.

Kansas City Fed Manufacturing Index

Prior 16

Actual  1

Market Activity

Grains+1.09%

Oats +2.44%

Wheat +2.26%

Canola +1.47%

Soybean Oil +1.28%

Soybean Meal +0.56%

Soybeans +0.56%

Corn +0.44%

Global Food Production May Be Hurt as Climate Shifts, UN Forecaster Says

Indices+0.92%

Russell 2000 Mini +1.67%

E-Mini Nasdaq 100 +0.06%

DJIA Mini-Sized unch

E-Mini S&P 500 unch

Stocks edge up, shaking off weak economic news

Softs+0.45%

Lumber +4.32%

Cocoa +1.62%

Coffee +0.53%

Sugar #11 +0.22%

Orange Juice -0.78%

Cotton #2 -3.20%

DJ MARKET TALK: Lumber Finishes Limit Up On Firm Cash, Short-Covering

Financials+0.42%

T-Bond +0.72%

10-Year T-Note +0.52%

5-Year T-Note +0.33%

2-Year T-Note +0.09%

Eurodollar +0.01%

 Treasuries Rally on European Debt Turmoil, Slower U.S. Growth, Auction Bid

Currencies+0.42%

Australian Dollar +1.13%

Japanese Yen +0.84%

Swiss Franc +0.76%

British Pound +0.69%

Euro FX +0.43%

Canadian Dollar -0.14%

U.S. Dollar Index -0.50%

Dollar pares loss after Greece comments Beijing expected to buy European bailout debt, report says

Metals-0.10%

Palladium +0.82%

High Grade Copper +0.39%

Gold -0.44%

Platinum -0.45%

Silve

Gold inches lower; silver falls roughly 1% Gold miners increase hedging

Energies-0.14%

Gasoline RBOB +1.20%

Ethanol Futures +0.38%

Heating Oil -0.03%

Crude Oil WTI -1.08%

Natural Gas -1.09%

Europe's natural gas supply: Russia reinforces the market

Price Charts of Note

AUD holds above 50d MA

Lumber Limit-up For 2nd Day

Weekly Lumber

Nat Gas finds Resistance at the 50d MA

Economic Data

MBA Purchase Applications

Purchase Index - W/W Change	Prior          -3.2 %	Actual 1.5 %
Refinance Index - W/W Change	13.2 %	0.9 %
Composite Index - W/W Change	7.8 %	1.1 %

Durable Goods Orders

New Orders - M/M change Prior 2.5 % Rev 4.4 % Est        -3.0 % Range                      -5.7 % to 0.5 % Act              - 3.6 % New Orders - Yr/Yr Change 10.5 % 14.1 % 5.3 % Ex-transportation - M/M 1.3 % 2.5 % -1.5 % Ex-transportation - Yr/Yr 6.1 % 8.2 % 6.7 %

From Briefing.com:

Highlights: Durable orders fell 3.6% in April after increasing an upwardly revised 4.4% (from 4.1%) in March. This was the biggest decline since October 2010.

• The Briefing.com consensus expected durable goods orders to decline 2.0%.

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicReleases/durord.htm#ixzz1NOsaS7Gx

Orders for durable goods fall 3.6% in April Airline, auto declines account for bulk of reversal, U.S. data indicate

FHFA House Price Index

M/M change	Prev         -1.6 %	Revised       -1.5 %	Act    -0.3 %
Y/Y change	-5.7 %	-5.5 %	-5.8 %

EIA Petroleum Status Report

Crude oil inventories (weekly change)	Prior          0.0 M barrels	Current             0.6 M barrels
Gasoline (weekly change)	0.1 M barrels	3.8 M barrels
Distillates (weekly change)	-1.2 M barrels	-2.0 M barrels

 

Weekly Petroleum Status Report

Analysis of US EIA data: US middle distillate inventories drop as ULSD demand surges

U.S. Oil Import Dependence: declining no matter how you measure it

 

Market Activity

Softs+2.53%

LB+3.61% CC+3.40% SB+3.33% OJ+2.22% KC+1.40%      CT+1.40%

Commodities: Slow Boat to China Big Boost for Canada Lumber-2

Metals+2.04%

SI+4.74% HG+2.33% PA+1.75% PL+1.10% GC+0.12%

PRECIOUS METALS: Gold, Silver Rise On Safe Haven Buying

Energies+1.34

HO+2.44% CL+1.62% RB+1.12% ZK +1.03% NG+0.62%

Oil hits 2-week high on U.S. distillate draw, dollar

Grains+0.96%

O+2.50% W2.15% C1.23%  BO+0.84% RS+0.57% S+0.35% RR +0.30% SM-0.25%

Evening markets: wheat rises, dismissing Russia export risk

Indices+0.72% CRB +1.57% VIX -1.91%

RJ+1.16% EW+0.62% NQ+0.35%         ES+0.32% YM+0.28%

U.S. stocks end higher after 3-session drop

Currencies+0.11%

SF+0.73% BP+0.59% USD unch MP unch CD -0.07% JY-0.12% EC-0.18% AD-0.25%

Financials-0.01%

ZF+0.12% ZN+0.06% ZT+0.02% ED unch ZB-0.10%           

Market Recap for 5.24.11

Economic Data

New Home Sales - Level - SAAR

Prev 300 K

Rev 301 K

Est 300 K

Range 285 K to 320 K

Act 323 K

Richmond Fed Manufacturing Index: level change

Prev 10

Act -6

 

Overview

Service sector activity slowed in May, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales dwindled as shopper traffic dropped sharply; big ticket sales remained in decline. Revenues also weakened at non-retail services firms. Looking ahead six months, retail merchants pulled back from their optimism of a month ago. Non-retail services providers maintained a positive outlook, but were less upbeat than in April.

In service sector labor markets, retailers made few changes, while hiring rose solidly at non-retail firms, albeit more slowly than a month earlier. Average wages were nearly unchanged at retail establishments, but spiked at services firms.

Price change in the sector was contained; retail price growth remained at last month's pace, while services firms' prices advanced a bit more slowly in May. Services providers' expectations for price change in the months ahead moderated from their outlook of a month ago, while merchants anticipated an uptick from their previous estimates (Source:http://www.richmondfed.org/research/regional_economy/surveys_of_business_conditions/service_sector/2011/svc_05_24_2011.cfm#tabview=tab0)

Special Report

From HuffingtonPost: Members of Congress Get Abnormally High Returns From Their Stocks

Market Activity

Metals+1.37%

SI+4.84% PA+1.18% HG+0.94% GC+0.69% PL+0.48%

Reuters: Gold hits 3 week high on Euro debt Worries           

Softs+1.04%

LB+2.25% SB+1.86% OJ+1.05% CC+0.66% CT-0.01% KC-0.51%

Energies+0.86%

HO+2.26% CL+2.01% RB+2.00% NG-0.37% ZK-1.36%

Goldman raise oil price outlook

CFTC Says Crude oil Manipulated in '08

Currencies+0.23%

MP+0.47% BP+0.46% AD+0.43% SF+0.41%  EC+0.41% CD unch   JY -0.02% USD-0.32%

Reuters: Euro up vs. USD but Greece saps momentum

 

Financials+0.06%

ZB+0.17% ZN+0.08% ZF+0.03% ZT+0.02% ED+0.01%

Indices+0.02% CRB  +0.47% VIX -1.35%

ES+0.21% YM+0.13% JK+0.12% EW-0.03% NQ-0.26%    

Cash S&P index remains just below the 50d moving average.

AP: Sttocks Slip on European Debt Worries

Grains-0.57%

RS+0.54% BO+0.45% RR+0.33% SM+0.11% S-0.11% O-0.28% C-2.75% W-2.90%

CME Group: Wheat Market Report

WN11 Moves below the 50d moving Average

Market Recap for 05.23.11

Economic Data

Market Activity

Financials+0.16%        

ZB+0.25% ZN+0.17% ZF+0.05% ED-0.01% ZT-0.04%

Grains-0.38%

RS +0.45% RR-0.13% BO-0.42% W-0.43% S-0.47% SM-0.50% C-0.72% O-0.82%

Energies-0.66%

NG+2.32% RB-0.18% ZK-0.67% HO-2.49% CL-2.61%      

Story From Financial Times

Platts Oilblog RE Chinese Demand

Currencies-0.72%

USD+0.93% CD-0.52% JY-0.55% SF-0.74% BP-0.96%        EC-1.06% MP-1.11% AD-1.71%

Forex Report from WSJ

Metals-0.88%

GC+0.56% SI+0.04% PA-0.39% PL-0.85% HG-3.48%        

Gold News from The Financial Times

Indices-1.23% CRB -1.09% VIX +2.77%

YM-0.83% ES-0.94% NQ-1.19% EW-1.32% RJ-1.66%

AP News Story On US Equities

Softs-1.45%

KC +1.31% OJ-0.50% CC-0.83% CT-1.11% LB-3.83% SB-4.02%

Sugar News from China

CFTC COT Reports for the week eding on 05.7.011

Financial Futures Positions (Futures + Options)
Open Interest changes by Product: FX(w/ $index) fell; Interest Rate products rose; Equity indexes -US rose Foreign fell: Vix rose; commodity indexes fell

Commodity Futures Positions for the week ending on 05.17.11
Open interest declined in 16 of the 20 commodities tracked in this report