Economic Reports 12-30-09

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Today's economic reports were few, and the market seems uninterested in the relatively good news we found in them. The Chicago Purchasing Managers Index showed improvement, and declared broad-based economic reasoning for it. Petroleum inventory continued to show draws in crude, gasoline and distillates, partly due to increased economic demand and partly due to seasonal demand.

Economic Reports

Chicago PMI

The most important economic report release of the day came from the Midwest. The Chicago Purchasing Managers Index offered a slew of good news. The Chicago area Business Barometer rose to 60.1 in December, up from 56.1 in November, and exhibited expansion in Production, New Orders and Order Backlogs; Employment improved, prices paid strengthened and lead-times increased.

Economists were stymied, as the consensus of gurus had been looking for moderation this month, to 54.9. Recall that readings above 50 signify expansionary activity, and this month's reading represents the third in a row of such gains. This Midwest economic measure seems to sway the argument for the side of economic expansionists, as recent regionally reported data was recently mixed from New York (weak) and Philadelphia (strong).

Petroleum Status Report

In another economic report release this morning, the EIA produced its Petroleum Status data. Crude oil inventory decreased by 1.5 million barrels in the week ended December 25. This comes after the prior week data showed a draw of 4.9 million barrels. Still, oil inventory remains near the upper limit of the average range for this time of year.

The economic report showed total Motor Gasoline inventory decreased by 0.3 million barrels last week (0.9 million the week before), as intensified holiday driving drove higher demand for the fuel. Still, gasoline demand is up 1.0% from the same period a year ago, illustrating economic improvement as well.

Distillate fuel inventories fell by 2.0 million barrels last week (3.1 million barrels week before), as seasonal demand for heating fuels increases with falling temperatures.

Farm Prices

The final economic report of the day comes when the Department of Agriculture publishes its Farm Prices data at 3:00 p.m. The Mortgage Bankers Association is taking the week off, so look for its weekly mortgage applications survey next week, when it will report on last week's data and the current period simultaneously.

Editor's Note: Article should interest investors in: Exxon Mobil (NYSE: XOM), PetroChina (NYSE: PTR), BP Plc (NYSE: BP), Royal Dutch Shell (NYSE: RDS-B), Chevron (NYSE: CVX), Total SA (NYSE: TOT), ConocoPhillips (NYSE: COP), Eni SpA (NYSE: E), Repsol YPF SA (NYSE: REP), Petrobras (NYSE: PZE), Encana (NYSE: ECA), Monsanto (NYSE: MON), Agrium (NYSE: AGU), Mosaic (NYSE: MOS), Potash Corp. (NYSE: POT) and American Vanguard (NYSE: AVD).


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