US Equity futures just opened and tumbled in what seems like a delayed reaction to the Cohn news...
Nasdaq, Dow, and S&P Futs all opened lower...
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As we detailed earlier, just hours after Fed Vice Chair Fischer resigned, and Goldman CEO Lloyd Blankfein threw his support behind Gary Cohn...
The U.S. Department of Housing and Urban Development suggests that you spend no more than 30% of your annual budget on housing costs as it could put you and your family at greater risk of being unable to afford other necessities. That said, Americans are overachievers.
Per the following chart from howmuch.net, the average American family spends roughly $57,000 per year and have thrown caution to the wind with housing costs eating up nearly 33% of annual budgets. In all, some 40 million houses (or about 1/3) are occupied by people who can't afford them.
Amid all the chaos of Harvey's outages and Irma's expectations, tonight's API inventory seems relatively irrelevant but we are sure the machines will be all over it - no matter that it will be guesstimated more than normal. WTI was at one-month highs above $49 as API printed and kneejerked lower despite a smaller than expected crude build (still the biggest build since March) and a smaller than expected draw in gasoline.
API
Disappointing Data this morning was trump'd by some de-escalation with North Korea and a short-term debt-ceiling can-kicking - stocks rallied, bonds & bullion leaked lower, and the dollar was unable to get back into the green...
Authored by Nick Cunningham via OilPrice.com,
About half of the shuttered refining capacity along the Gulf Coast could be back up and running by Thursday, assuaging concerns about the possibility of acute gasoline shortages in much of the U.S.