It is cumbersome task to go through a wealth of conflicting signals and draw a conclusion whether the current investment climate suggests a sanguine outlook for the balance of the year or those who expect renewed strength will be left bitterly disappointed.
With less than two weeks to go before the US runs out of cash, optimism is building that both sides of Congress will come together to prevent the unthinkable. Policymakers in Washington hinted yesterday that a bill to raise the US debt ceiling may be put to a vote next week. This encouraging development spurred hopes that the current deadlock will follow the same outcome of previous standoffs, namely that there will ultimately be some kind of agreement.
The mid-day scare caused by the unforeseen swelling of US crude oil inventories quickly dissipated yesterday afternoon after the release of the US oil stockpile report and the oil complex built on the morning gains. The bellwethers of this impressive move higher were products in general and RBOB in particular. US gasoline inventories plunged 1.4 million bbls over last week and they are 0.8% lower than last year and 5.1% below the 5-year average as the US driving season is knocking on the door.
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