U.S. DEFICIT UP TO $123.1 BLN
BEA - The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
The $9.6 billion increase in the current-account deficit reflected a $7.5 billion increase in the deficit on secondary income, a $2.9 billion decrease in the surplus on primary income, and a $0.8 billion increase in the deficit on goods. These changes were partly offset by a $1.6 billion increase in the surplus on services.
Exports of goods and services and income receipts increased $2.2 billion in the second quarter to $836.8 billion.
* Primary income receipts increased $4.8 billion to $224.1 billion, mostly reflecting increases in portfolio investment income and in other investment income.
* Services exports increased $3.2 billion to $195.8 billion, mostly reflecting increases in travel (for all purposes including education) and in financial services.
* Secondary income receipts decreased $5.2 billion to $33.9 billion, partly offsetting the increases in primary income receipts and services exports. The decrease in secondary income receipts mostly reflected a decrease in U.S. government transfers, primarily fines and penalties.
Imports of goods and services and income payments increased $11.8 billion to $959.9 billion.
* Primary income payments increased $7.6 billion to $176.9 billion, reflecting increases in direct, portfolio, and other investment income.
* Secondary income payments increased $2.4 billion to $66.9 billion, mostly reflecting an increase in private transfers, primarily fines and penalties.
* Services imports increased $1.6 billion to $131.8 billion, led by an increase in travel (for all purposes including education).
RUSSIA - CHINA - VENEZUELA OIL RUSSIA - CHINA - VENEZUELA OIL “The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen t ...
U.S. - IRAN SANCTIONS U.S. - IRAN SANCTIONS On Thursday, the administration extended certain sanctions on Irans oil and banking sectors that have been suspended since the nuclear deal took place in January 2016. On Thursday, the administration extend ...
U.S. INDUSTRIAL PRODUCTION DOWN 0.9% U.S. INDUSTRIAL PRODUCTION DOWN 0.9% Industrial production declined 0.9 percent in August following six consecutive monthly gains. Hurricane Harvey, which hit the Gulf Coast of Texas in late August, is estimated t ...
U.S. DEFICIT $43.7 BLN U.S. DEFICIT $43.7 BLN The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.7 billion in July, up $0.1 billion from $43 ...
U.S. - RUSSIA BLOCK IN VENEZUELA U.S. - RUSSIA BLOCK IN VENEZUELA The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, ...
U.S. INDUSTRIAL PRODUCTION UP 0.2% U.S. INDUSTRIAL PRODUCTION UP 0.2% U.S. - Industrial production rose 0.2 percent in July following an increase of 0.4 percent in June. The index for mining rose 0.5 percent in July for its fourth consecutive monthly ...
... ODUCTION: 9.35 - 9.91 MBD EIA continues to expect US production to rise over the next two years and cross the 10 million b/d threshold in November 2018. It sees output averaging 9.35 million b/d in 2017, up 20,000 b/d from last months outlook, and 9. ...
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.