Afternoon Coffee: US Durable-Goods Orders Fall, Oil and Gas Inventories Rise Much Higher Than Expected

Subbotina Anna/Adobe Stock

Orders for durable goods in the U.S. sank 4% in June, the biggest decline in nearly two years. The drop was also much higher than the 1.7% decline economists were expecting and was attributed to the ongoing struggles of American manufacturers to increase sales.

An unexpected rise of U.S. crude and gasoline supplies pushed down oil prices again today. The Energy Information Administration reported U.S. commercial crude inventories rose by 1.7 million barrels during the week ending July 22 and gasoline inventories grew by 452,000 barrels. Both oil and gasoline levels were far above what analysts predicted.

Ireland’s Central Bank cut its growth forecasts for 2016 and 2017 due to the countries “particular exposure” to the fallout from the Brexit vote. Ireland now expects GDP to grow 4.9% in 2016 and 3.6% in 2017, down 0.2% and 0.6%, respectively, from previous estimates.

The newly expanded Panama Canal had its first ever liquefied natural gas carrier travel through it this week. The expanded canal can now accommodate 90% of the world’s LNG tankers, benefiting shippers and making a major impact on the flow of LNG shipments around the globe.


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