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US Home Sales Post Another Strong Jump in June, Oil Inventories Tumble
The US economy contracted by more than a third in Q2 of this year, but it seems like it is bouncing back now. Home salwes posted another strong increase of 16.6% in June, after surging higher in May, as the country was reopening. Besides that, Oil inventories posted a major decline for last week, which shows that demand for energy is increasing and refineries increased the speed of the process.
Weekly US Oil Inventory Data
- US weekly oil inventories -10611K vs +450K expected
- Prior oil inventories were +4892K
- Gasoline +654K vs -2000K expected
- Distillates +503K vs +1000K exp
- Refinery utilization +1.6% vs +0.5% exp
- Production 11.1 mbpd vs 11.1 prior
API data from late yesterday:
- Crude -6829K
- Cushing +1144K
- Gasoline +1083K
- Distillates +187K
Oil prices rose about 15 cents on the headlines. That’s the largest draw of the year and it’s entirely due to a 10,462K draw at PADD 3, which is on the gulf coast. In terms of oil, one thing to watch is a potential tropical cycle in the mid-atlantic. It’s on a track that could hit the gulf and Florida.
US June 2020 Pending Home Sales
- June pending home sales +16.6% m/m vs +15.0% expecteMay pending home sales was +44.3
- Home sales YoY +12.7% vs +2.2% expected
That’s a great number and another sign that the US housing market is a hotspot in the recovery of the real economy.
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