U.S. DEFICIT $50.5 BLN
BEA - 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 $50.5 billion in November, up $1.6 billion from $48.9 billion in October, revised. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $1.7 billion to $70.9 billion and an increase in the services surplus of $0.1 billion to $20.4 billion.
Year-to-date, the goods and services deficit increased $53.4 billion, or 11.6 percent, from the same period in 2016. Exports increased $112.7 billion or 5.6 percent. Imports increased $166.1 billion or 6.7 percent.
The average goods and services deficit increased $2.1 billion to $48.1 billion for the three months ending in November.
* Average exports of goods and services increased $2.2 billion to $197.3 billion in November.
* Average imports of goods and services increased $4.2 billion to $245.4 billion in November.
Year-over-year, the average goods and services deficit increased $5.5 billion from the three months ending in November 2016.
* Average exports of goods and services increased $11.1 billion from November 2016.
* Average imports of goods and services increased $16.6 billion from November 2016.
Exports of goods increased $4.4 billion to $134.6 billion in November.
Exports of goods on a Census basis increased $4.3 billion.
* Capital goods increased $2.5 billion.
o Civilian aircraft increased $1.2 billion.
* Automotive vehicles, parts, and engines increased $1.0 billion.
o Passenger cars increased $0.6 billion.
* Consumer goods increased $0.7 billion.
Net balance of payments adjustments increased $0.1 billion.
Exports of services increased $0.1 billion to $65.7 billion in November.
* Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
* Financial services increased $0.1 billion.
* Maintenance and repair services decreased $0.1 billion.
Imports of goods increased $6.0 billion to $205.5 billion in November.
Imports of goods on a Census basis increased $6.0 billion.
* Consumer goods increased $2.4 billion.
o Cell phones and other household goods increased $1.1 billion.
* Industrial supplies and materials increased $2.2 billion.
o Crude oil increased $1.1 billion.
* Capital goods increased $1.6 billion.
o Semiconductors increased $0.8 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Imports of services decreased less than $0.1 billion to $45.3 billion in November.
* Transport decreased $0.2 billion.
* Travel (for all purposes including education) increased $0.1 billion.
* Charges for the use of intellectual property increased $0.1 billion.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.