• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 12 minutes The Plastics Problem
  • 5 hours SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 5 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 10 hours IMO 2020
  • 7 mins Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 10 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 8 hours To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 12 hours Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 14 mins Democrats Green Beauty Pageant
  • 11 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 12 hours EIA reports 12 mm bbls U.S. Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 8 hours On the hobby side of things
  • 11 hours Oil Demand Needs to Halve: Equinor
Matt Smith

Matt Smith

Taking a voyage across the world of energy with ClipperData’s Director of Commodity Research. Follow on Twitter @ClipperData, @mattvsmith01

More Info

Premium Content

The Key Q3 Economic Data So Far

And there is an exciting day in store on this final day of Q3, with all manner of information to digest. Japan kicked things off overnight, and has maintained its bearish theme with industrial production down 0.5 percent in August versus the prior month. Onward to Europe, and German retail sales came in softer than expected at -0.4 percent for August (MoM), while its unemployment rate held at 6.4 percent for September, a multi-decade low. Italy’s unemployment rate is gradually improving, but still elevated at 11.9 percent. This all means that Eurozone unemployment on aggregate remains at 11 percent…down from a record of 12.2 percent, but still pretty darn high.

(Click to enlarge)

Eurozone unemployment, % (source: investing.com)

A revision to UK economic growth has seen Q2 hold at +0.7 percent versus the prior quarter. Meanwhile, Eurozone inflation has fallen into deflationary territory once more for the first time since March, dropping 0.1 YoY for September. Related: Support For OPEC Production Cut Is Increasing

Turning to the U.S., and the precursor (or thunder-stealer) of the official unemployment report on Friday, the ADP report, has yielded job creation of 200,000 for September, slightly above consensus of 194k. The Chicago PMI lights the fuse this morning for the explosion of global PMI manufacturing data out starting tonight; the regional Chicago number sets the mood ahead of tomorrow’s national release, while global numbers are released later, kicked off tonight by China.

Honing in on energy markets, and the crude complex is looking a little subdued ahead of the weekly EIA inventory report. Last night’s API report yielded a huge 4.6 million barrel build to crude stocks, adjusting expectations ahead of today’s numbers. In other energy-related bits and bobs, Petrobras has raised fuel prices for the first time in almost a year, to help boost revenues amid lower oil prices, a shrinking economy and weakening currency. Meanwhile, EIA has published the below charts to illustrate how decreasing well costs are helping to spur on shale gas development in China. The government is also continuing to subsidize its exploration, with another year to run on its $1.80/MMBtu subsidy program for commercial production of shale gas. These subsidies have been extended to 2020, but at a lower rate. Related: Germany Now Faced With Thousands Of Aging Wind Farms

(Click to enlarge)

Finally, an article today highlights that Iranian condensate exports have hit a 2015 high to China, topping 200,000 bpd in September. ClipperData shows total exports to China at 445,000 bpd this month with just today left to go. Related: What Oil Investors Can Learn From Gold

(Click to enlarge)

Total Iranian exports to China (source: ClipperData)

By Matt Smith

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News