Crude Oil Futures Fail To Retain Early Gains, Settle Notably Lower

Despite data showing another weekly decline in U.S. crude stockpiles, and outages in Texas due to frigid temperatures, crude oil futures settled lower on Thursday amid prospects of OPEC increasing crude production.

More than 4 million barrels a day of U.S. oil output is now offline as Texas oil producers and refiners remain shut due to icy cold weather that’s frozen well operations and led to widespread power cuts.

Traders were betting on speculation that the Organization of the Petroleum Exporting Countries and allies may decide to increase crude output. The agency and its allies, collectively known as OPEC+, are scheduled to meet in the first week of March.

West Texas Intermediate Crude oil futures for March ended down $0.62 or about 1% at $60.52 a barrel, despite having surged to a fresh 13-month high earlier in the session.

Data released by U.S. Energy Information Administration (EIA) this morning showed crude inventories declined by 7.258 million barrels last week, falling more than three times the expected decline.

Distillate stockpiles were down 3.42 million barrels last week, more than twice the expected drop.

The EIA report also said gasoline inventories increased 672,000 barrels last week, less than an expected increase of 1.379 million barrels.

U.S.-based stock funds attract $7.8 billion in latest week – Lipper

(Reuters) – U.S.-based stock funds attracted $7.8 billion in the week to Wednesday, as the S&P 500 traded near a record high, according to Lipper data released on Thursday.

U.S. taxable bond funds pulled in $5.7 billion, the ninth straight weekly inflow, while money market funds drew $17.3 billion, the Lipper data showed.

U.S.-based stock funds attract $7.8 billion in latest week – Lipper

(Reuters) – U.S.-based stock funds attracted $7.8 billion in the week to Wednesday, as the S&P 500 traded near a record high, according to Lipper data released on Thursday.

U.S. taxable bond funds pulled in $5.7 billion, the ninth straight weekly inflow, while money market funds drew $17.3 billion, the Lipper data showed.

European Economics Preview: UK GDP Data Due

Quarterly national accounts data from the UK is due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics is scheduled to issue UK quarterly GDP, industrial production and foreign trade figures.

The British economy is forecast to grow 0.5 percent sequentially in the fourth quarter, slower than the 16 percent increase seen in the third quarter. Industrial output is seen rising 0.5 percent, in contrast to a 0.1 percent fall in November.

The UK visible trade deficit is seen at GBP 15 billion in December compared to GBP 16.01 billion shortfall in the previous month.

At 2.30 am ET, the Federal Statistical Office is slated to release Swiss consumer prices for January. Economists forecast consumer prices to fall 0.6 percent annually, slower than the 0.8 percent drop in December.

At 3.00 am ET, final consumer price data is due from Spain. The statistical office is set to confirm 0.6 percent consumer price inflation for January.

In the meantime, consumer price figures are due from the Czech Republic and Hungary. The Czech inflation is forecast to slow to 1.7 percent in January from 2.3 percent in December. Hungary’s inflation is seen unchanged at 2.7 percent.

At 4.00 am ET, Poland’s preliminary GDP data for the fourth quarter is due.

At 5.30 am ET, Russia’s central bank is slated to issue interest rate decision. The bank is expected to hold its key rate at 4.25 percent.

CEO confidence in U.S. economic outlook reaches 17-year high

Housing market is the ‘best performing segment of the economy’: NAHB CEO

NAHB CEO Jerry Howard discusses the mass exodus from cities creating a high demand in the housing market and regulations slowing down home building.

U.S. business leaders expect to cut fewer jobs and a growing number plan to sharply raise employees’ pay in the months ahead as confidence in the economic outlook surges amid the rollout of COVID-19 vaccines, a survey released on Thursday showed.

The Conference Board’s “Measure of CEO Confidence” showed chief executives were the most confident they had been since 2004.

BIDEN TO MEET WITH UNIONS PUSHING FOR INFRASTRUCTURE SPENDING

It also indicated that 36% of CEOs planned pay increases for their employees of more than 3% in the next 12 months, up from 22% in the previous survey in September. And just 12% expect to cut jobs in the next year, down from 34% previously.

The survey, conducted between Jan. 14 and Jan. 29, also found that 45% of CEOs expect to increase capital spending, up from 25% in September, and 47% plan to expand their workforce, up from 33%.

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In addition, 82% of CEOs expected economic conditions to improve over the next six months, up from 63% in the previous survey. Those expecting conditions to worsen saw a cut from 15% to 7%.

Copart Q2 Profit Rises

Copart Inc. (CPRT) Thursday reported second-quarter net income of $193.4 million or $0.81 per share, up from $168.7 million or $0.71 per share last year.

Adjusted earnings for the quarter were $0.80 per share, up from $0.64 per share last year.

Second-quarter revenues rose to $617.0 million from $575.1 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.79 per share and revenues of $628.9 million.