2018 Economic Calendar
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Market Reflections  

August 8, 2018
A weekly decline in crude oil inventories was smaller than expected and more than offset by an increase in inventories of gasoline and distillates, taking total U.S. petroleum stockpiles to a 7-month high and indicating that supply is outpacing demand. End investors welcomed the 2.960 percent high yield awarded in the 10-year auction, which, unlike the 3-year Tuesday, was well received despite a larger auction size and a heavy supply of Treasuries this week.

Crude oil fell by a sharp 3.3 percent to $66.9 per barrel, the lowest level in six weeks, weakened by petroleum product inventory builds and talk that China, Iran’s biggest crude oil customer, will continue to import its oil despite the reimposition of U.S. sanctions. Stocks were mixed though not far from yesterday’s closing levels, with the Dow down 0.2 percent to 25,584, the S&P off fractionally and close to unchanged at 2,858 and Nasdaq up 0.1 percent to 7,888. In the news was TESLA, whose heavily shorted shares rocketed higher after the company’s CEO Elon Musk tweeted that he is considering taking the company private for $420 per share. Treasuries finished slightly higher as yields edged lower following a successful 10-year auction, with the 10-year yield falling 1.5 basis points on the day to 2.965 percent. The dollar also edged lower against most currencies, taking the dollar index down 0.13 percent to 95.09.

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