The Traderszone Network

From the 316 rig trough in May, American oil drillers have added 161 to 477 – the highest since January 2016. The rising rig count continues to track lagged oil prices higher and US crude production is following that trend to its highest level since June.

US Oil Rig count is up 3 in the last week to 477 – up 25 of the last 27 weeks…

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Crude oil trades at $51.34 before release
The high for the last 12 months came in at 541 back in December 2015. The low reached 216 back in May 27, 2016.  So there has been a steady move back to the upside.  If the price of oil continues to rise on the back of a OPEC cut in production, expect the US rig count to continue to move higher. It is about economics and at a higher price, more rigs can come online profitably. 

GDP tracker from the New York Fed rises
– News from this week’s data releases provided mixed signals, but overall had a positive impact on the nNwcast.
– Real gross domestic income and labor market data had the largest positive contributions to the Nowcast, only slightly offset by negative news from personal consumption expenditures.

Analysts believe that Starbucks’ decision to install Kevin Johnson as chief executive after Howard Schultz steps down in April won’t hurt the company.
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Italian yields lower, FTSE MIB higher for third day
Voters in Italy have the chance to reform a messy political system on Sunday in a referendum but the measures appear headed for defeat, in part to dissatisfaction with the economy.

Trump may have helped save jobs with the Carrier deal, but White House economist Jason Furman says that’s not enough.

The federal push for a higher minimum wage may have stalled, but the Obama administration wants to make sure local successes are noticed.
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