US Home Sales Post Another Strong Jump in June, Oil Inventories Tumble - Forex News by FX Leaders
Pending home sales increased again in the US

US Home Sales Post Another Strong Jump in June, Oil Inventories Tumble

Posted Thursday, July 30, 2020 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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