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U.S. manufacturing accelerated to a ten-month high in November, according to the final purchasing manager’s index released by Markit. The manufacturing PMI rose to 54.7, which is above the flash estimate of 54.3 and compared to the 51.8 reading in October.
09 Dec 2013 | 10:00 AM

Highlights:
  • U.S. manufacturing accelerated to a ten-month high in November, according to the final purchasing manager’s index released by Markit. The manufacturing PMI rose to 54.7, which is above the flash estimate of 54.3 and compared to the 51.8 reading in October.
  • Job creation in the U.S moved forward again in November, with the U.S. economy adding a better-than-expected 203,000 to the employment rolls.
  • U.S construction spending increased 0.8 percent in October to a seasonally adjusted annual rate of $908.4 billion, the Labor Department said. That's up from September, when spending fell 0.3 percent.
  • The Institute for Supply Management’s index rose to 57.3, the highest since April 2011, from 56.4 a month earlier, the group report showed. Readings above 50 indicate growth.
  • Private sector employment increased by 215,000 jobs from October to November, according to the November ADP National Employment Report.
  • The U.S. trade deficit narrowed in October as exports hit a record high, pointing to a pick-up in global demand that should help to support domestic growth in the fourth quarter. The Commerce Department said the trade gap fell 5.4 percent to $40.6 billion. September's shortfall on the trade balance was revised to $43.0 billion from the previously reported $41.8 billion.
  • Sales of new homes grew 25.4 percent to a seasonally adjusted annual rate of 444,000, the Commerce Department said. That was the largest monthly percentage increase since May 1980.
  • US crude oil stocks fell 5.6 million barrels to 385.8 million barrels, ending 10 consecutive weeks of gains.
  • The output of goods and services produced by labor and property located in the United States, increased at an annual rate of 3.6 percent in the third quarter of 2013.
Week ahead: Crude Oil (Buy)
  • Data showed that the U.S. manufacturing sector expanded last month at its fastest pace in 2-1/2 years came on the heels of a report that No. 2 oil consumer China's manufacturing growth hit an 18-month high in November.
  • Figures from the U.S. Energy Information Administration released on Wednesday U.S. crude oil inventories fell by 5.6 million barrels last week, with a large drawdown on the Gulf Coast where stocks are traditionally depleted for tax reasons this month, cutting around one-sixth of the 36 million barrels that had built up over the previous 10 weeks.
  • The Organization of the Petroleum Exporting Countries agreed to keep its production target unchanged at 30 million barrels per day for the first half of 2014.
  • U.S. gross domestic product grew at a revised 3.6 percent annual rate, up from a 2.8 percent pace reported earlier and above the 3.0 percent expected by economists polled by Reuters.