Business

The following article by David Haggith is from The Great Recession Blog: 

WTI prices dumped on last night's surprise crude build but have limped back above $49 heading into the DOE prints this morning (although Russia sanctions headlines dipped it). DOE did not help as the report was a disappointment for the bulls with production rising to a new cycle high, crude inventories drawing less than expected but total U.S. oil inventories (that's crude plus all products, including the often volatile "other oil" category) rose by 1.1 million barrels last week.

API

Authored by Tsvetana Paraskova via OilPrice.com,

The four countries leading the boycott against Qatar are going back to their list of 13 demands for Doha to meet before talks can start, essentially reverting the Arab Gulf spat back to square one.    

At the same time, economic data for June shows that Qatar’s imports plummeted due to the blockade imposed by most of its neighbors, and foreign deposits at Qatari banks dropped to their lowest in nearly two years. 

Having 'predictweeted' Dow 22k yesterday, Apple's 6% surge (after missing iphone sales estimates) has confirmed President Trump's forecast and crossed the Dow Maginot Line for the first time... as Trannies diverge drastically (testing the 200DMA).

We note that Dow Futures briefly spiked above 22,020 last night...

But as the cash market opens, The Dow is now above 22,000...

After April and June's disappointment, ADP reports the US economy added 178k jobs in July (less than the 190k expectation and below June's upwardly revised 191k). This is somewhat in line with the 180k expectation for NFP on Friday.

Two months in a row, ADP has weakened as ISM surveys suggested employment is rolling over.

Once again Service-providing jobs dominated (+174k vs +4k for goods) with manufacturing losing 4,000 jobs in July.