24
Oct

Friday Morning

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Market Sentiment Watch: Nervous market conditions continue and the sideways trade in Energyland continues to form up while oil prices knee jerk to each tiny scrap of OPEC related commentary.  In today's post please find the natural gas inventory slide show (slightly better than expected, expect more rapid roll off in injection over next 4 weeks) and comments on the SWN (record production, well above Street which was already over the top of the range, but top and cash flow line misses due to higher than expected basis) and COG (solid) quarters as wel as some other odds and ends.

Ecodata Watch: 

  • We get New Home Sales at 10 am EST (F = 455,000, last read was 504,000)

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watch
  3. Natural Gas Inventory Review
  4. Stuff We Care About Today – SWN, COG, PVA 
  5. Odds & Ends

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23
Oct

Thursday Morning

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Market Sentiment Watch: Nervous market continues. In energyland we get another dose of Service earnings (we find today's less information laden in general) and are looking forward to the first E&Ps of the season on tomorrow and then into next week. For now, all eyes are still focused on what OPEC will or won't do and we continue to see the groups as starting to form up for the sideways trade.   In today's post please find the oil inventory review, the natural gas inventory preview, and some other odds and ends.  

 

Ecodata Watch: 

  • China Flash PMI for October came in at 50.4 vs 50.2 final reading for September, 
  • We get Jobless Claims at 8:30 am EST (F = 285,000, last read was 264,000),
  • We get the Chicago National Activity Index at 8:30 am EST (no forecast, last read was 0.14),
  • We get the FHFA home price index at 9 am EST (no forecast, last read was +4.4% YoY), 
  • We get the Markit Flash PMI at 9:45 am EST (no forecast, last reading was 57.5),
  • We Leading Indicators at 10 am EST (no forecast, last read was +0.2%). 

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watch
  3. Oil Inventory Review
  4. Natural Gas Inventory Preview
  5. Stuff We Care About Today – SWN, EOX, Earnings Briefs (FTK, WFT, CLB) 
  6. Odds & Ends

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22
Oct

Wednesday Morning

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Market Sentiment Watch: Another day with little in the way of newsworthy ecodata in the U.S.  Traction in energyland remains tentative as the E&P and Service groups make an effort to begin sideways trading in advance of the meat of E&P earnings season (some of the large E&Ps will be offering their thoughts soon on capex directionality and commodity prices in 2015). In today's post please find comments on EOX and some other odds and ends. 

Ecodata Watch:

  • We get CPI at 8:30 am EST (headline forecast = 0.1% vs a last read of -0.2%; core forecast = 0.2% vs a prior read of 0.0%). 

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watch
  3. Oil Inventory Preview
  4. Stuff We Care About Today – EOX, AR , RICE
  5. Odds & Ends

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21
Oct

Tuesday Morning

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Market Sentiment Watch: Nervous market conditions continue. In energyland nerves remain frayed. Our sense is that we are in the early days of bottoming action (sideways trading) in both E&P and Service. The combined comments out of BHI, SLB, and HAL regarding the near and long term activity expectations can be summed up as "we're not seeing anything yet".  See the Holdings Watch for more trades yesterday as we continue to come further off the bench. In today's post please find a brief wrap of the HAL highlights and some quick thoughts on not-closely-watched-by-us-and-somewhat-unique-story PHX as well as some other odds and ends. Note that the ongoing mark to market of analyst prices targets in E&P's continues which is healthy (if not saying much in many cases for the concept of price targets). 

Ecodata Watch:

  • China GDP came in at 7.3% vs consensus of 7.2% but below the official government target of 7.5% and 2Q's 7.5% reading. 
  • We get Existing Home Sales at 10 am EST (F = 5.00 mm, last read was 5.05 mm) 

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watch
  3. Stuff We Care About Today – HAL Wrap, PHX
  4. Odds & Ends

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20
Oct

Monday Morning – HAL, REXX

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Market Sentiment Watch: Slow week on the economic data front. In energy land 99% of eyes remain on OPEC and oil prices. We're looking for a bit of stabilization there near term.  In today's post please find The Week That Was (lots in there as always, worth your time to read), comments on the HAL quarter (nice beat), the 3Q14 Energy Earnings Week 2 calendar (we get the first E&Ps of the season we care about on Friday), comments on REXX and some other odds and ends. 

Ecodata Watch:

  • No economic data release scheduled. 

The Week Ahead:

  • Tuesday 10/21: Existing home sales,
  • Wednesday 10/22: CPI, 
  • Thursday 10/23: Jobless claims, Chicago national activity index, FHFA home prices, Markit Flash PMI, leading indicators, 
  • Friday 10/24: New home sales

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watc​h
  3. The Week That Was
  4. Stuff We Care About Today – 3Q14 Earnings Calendar Week 2, HAL 3Q14, REXX
  5. Odds & Ends

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