Market Sentiment Watch: Most market eyes should be trained on payrolls tomorrow. In energyland, OPEC agreed to do nothing yesterday and avoided dealing with the looming dual I-word problems (Iraq who will agree to no quota any time soon including at next June's meeting and Iran who may be able to trickle more volumes into the market in late 2014). See more comments in the Commodities Watch below. For now Saudi, UAE, and Kuwait are bailed out by the strife that is daily life in the oil fields of Libya, Nigeria, sometimes in Iraq and those sanctions on Iran but by late year 2014 the modestly reduced call on OPEC oil should warrant a reapportioning of quotas to make at least partial room for Iraq and Iran unless the US and European economies show more life than is currently expected. In today's post please find addition comments on the dry bulks and some other odds and ends.
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- We get Jobless Claims at 8:30 am EST (F= 325,000 vs 316,000 last week),
- We get the 3Q13 GDP at 8:30 am EST (F = 3.2% vs a prior read of 2.8%),
- We get Factory Orders at 10 am EST (F = -1.0%, last read +1.7%)
In Today’s Post:
- Holdings Watch
- Commodity Watch – OPEC imports watch
- Oil Inventory Review
- Natural Gas Inventory Preview
- Stuff We Care About Today – Drybulk multiples
- Odds & Ends
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