Market Sentiment Watch: Better than expected payrolls data (initial reaction is a ramp in futures but likely more taper worry sentiment spreads as the market notes the 7% unemployment figure – labor department saying there was a 818,000 increase in the number of people employed or the biggest jump in 30 years but don't get excited as that's a function of a return of government workers following the shut down and reverses the prior month's 735,000 in the prior month). In today's post please find the natural gas inventory slide show (much bigger than expected withdrawal – see slide show below), the Bakken Players cheat sheet (pro forma OAS secondary and adds AMZG to the roster), and a nice, end of year REXX update (big Warrior South wells and the first stacked lateral pad update). This REXX update is the start of the end-of-the-year operations updates and budget and production guidance announcements that occurs about this time of December before news flow almost completely dries up into the holidays.
- Nonfarm payrolls came in at 203,000 vs 180,000 expected and 200,000 last month which was revised slightly lower from a prior reading of 204,000. Strong gains in manufacturing which is our best early takeaway from this otherwise "meh" report (sorry, not the CNBC spin you are free to watch on TV – one talking head would be pleased with anything over 125K it seems) as we don't get excited about 200 K type numbers and employment participation remains soft.
- The unemployment rate was 7.0% vs 7.2% expected and 7.3% last month,
- Personal income came in at +0.2% vs +0.3% expected and +0.5% last month,
- Consumer spending came in at +0.3% vs +0.3% expected and +0.2% last month,
- We get UMich Consumer Sentiment at 9:55 am EST(F = 76.5 vs a prior month's read of 75.1)
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Natural Gas Inventory Review
- Stuff We Care About Today – Bakken Cheat, REXX
- Odds & Ends
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