BLS Data Dump. CPI - November 13th, 2024

First up is the BLS Report for CPI...(historical releases)

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis in October, the same increase as in each of the previous 3 months, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.6 percent before seasonal adjustment.

The index for shelter rose 0.4 percent in October, accounting for over half of the monthly all items increase. The food index also increased over the month, rising 0.2 percent as the food at home index increased 0.1 percent and the food away from home index rose 0.2 percent. The energy index was unchanged over the month, after declining 1.9 percent in September.

The 2.598% is still below the 2.62% of March, 2021, but still above the 1.68% of February, 2021. 

Here is the unadjusted CPI for the past 12 months...

My own personal CPI rose 2.9% Y/Y, and rose +0.2% on the month (I'm not thrilled, but still a bit happy with that) ...

Taking a look at the current report card...

The optimism of returning to the good old days on inflation... is waning for me. Especially given the forecast for November, and energy prices will start to move upward, as is normal on a seasonal basis.

2024 Presidential Election Review, part 1 of ?

First off, I did a decent job in forecasting the election. If you were to read previous post, I always mentioned the lean states as favoring Trump and projected an EV tally of 306. I messed up on Nevada, however.

Still, I will brag on myself, as no one else will... or even pay attention. That's okay!

From previous post...

The Electoral Vote count stands at 246 for Trump; and 226 for Harris. There are 66 EVs in MoE territory, with the edge going to Trump in 60, leaving a potential for Trump having 306 EVs. 

The previous 2 elections indicated significant under polling for Trump. Not sure how much is applicable to this election, as Trump has been polling much stronger. It there is a tendency for significant under polling towards Trump, then the possibility of him achieving the majority of the vote.

Current polling suggests neither would achieve majority. 

Which leads me to the 2nd topic. Note this projection.

Currently, the media is reporting Trump at 50.6% of the vote. Everyone is talking about majority and mandate. A word of caution... of the 11M+ votes remaining to be tabulated, 82.5% are from Democratic strongholds, such as California. 

Using the current state by state percentages of votes remaining and factoring each current candidate percent of vote... Trump will be just shy of majority, by approximately 32.6K votes. Naturally, this can change in the coming days. Remember: a majority is 50% + 1 vote. Certainly his plurality of vote is not in question.

If/when that vote tally slips below the 50% mark, you will hear loud and hard from the left... Trump doesn't have a majority and therefore does not have a mandate. Of course, the right will proclaim Kennedy's votes pushes it into mandate territory. Currently, his number 663K, or 0.45%.

That will be interesting to watch, if indeed, Trump slips below 50%.

As far as projections of this years vote to 2024... I present the following. Note the red numbers are less than 2020. You can click on the image to enlarge... I think.

In summation... if you think this election is over and done with, it is for the most part. The &itching, whining, bull5hit, etc. is just getting started. 

This Week in Petroleum Summary November 6th, 2024 per EIA.GOV

This week's full report. 

Gasoline pump prices fell -0.28¢ for the week, and continues well below year ago levels, by -31.1¢, or -9.1%. Days supply rosel to 23.8. For perspective... last year was 24.1 days.

Inventories were up across the board , with crude up +1.1M barrels; Distillates up +2.9M barrels; Gasoline stocks up +412K barrels. Total Petroleum + products +SPR rose +263K barrels, with the SPR rising +1.4M barrels.

The total products is still +19.5M barrels ahead of year ago levels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.

The current crack spread rose from last week's $16.62, to $17.00. Gasoline eased ever so slightly to $8.44, from last week's $8.45. Distillates rose to $8.57, compared to last week's $8.17.

The data sets continue to diverge with price movement in the coming days. -0.9¢ ~ +3.5¢.

Still, just as the past few weeks... nothing dramatic in the way of prices surging, or at least for now and should continue until the Christmas holiday, imo.

 

2024 Presidential Election Update, Final Edition?

The Electoral Vote count stands at 246 for Trump; and 226 for Harris. There are 66 EVs in MoE territory, with the edge going to Trump in 60, leaving a potential for Trump having 306 EVs.

The under polling should be interesting to see, but that will come in after election analysis.

The previous 2 elections indicated significant under polling for Trump. Not sure how much is applicable to this election, as Trump has been polling much stronger. It there is a tendency for significant under polling towards Trump, then the possibility of him achieving the majority of the vote. 

Current polling suggests neither would achieve majority. 

It is razor thin and should be entertaining... the next couple of days, or possibly more.

 

2024 Presidential Election Update, November 2nd Edition

The Electoral Vote count stands at 235 for Trump; and 226 for Harris. There are 77 EVs in MoE territory, with the edge going to Trump in 71, leaving a potential for Trump having 306 EVs.

However, the shift since last week, has been closing the gap. Both Pennsylvania and Wisconsin have fallen into MoE territory.

It will be a very long election night, stretching well into Wednesday, imo.

This Week in Petroleum Summary October 30th, 2024 per EIA.GOV

This week's full report. 

Gasoline pump prices fell -0.2¢ for the week, and continues well below year ago levels, by -35.9¢, or -10.3%. Days supply fell to 23.3. For perspective... last year was 25.5 days. 

Inventories were down across the board , with crude down +515K barrels; Distillates down -977K barrels; Gasoline stocks down -2.7M barrels. Total Petroleum + products +SPR rose +6.7M barrels, with the SPR rising +760K barrels.

The total products is still +20.4M barrels ahead of year ago levels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.

The current crack spread slipped from last week's $17.01, to $16.62. Gasoline eased ever so slightly to $8.45 from last week's $8.74. Distillates to $8.17, compared to last week's $8.27.

One set of data indicates a further easing of pump prices, while another suggests nearing a bottom. Which is exactly what last week's data suggested, and the week prior, and the week prior, etc. This past week, did indicate both slight up and down movement in prices. -4.3¢ ~ +2.8¢. Take your pick. 

Still, just as the past few weeks... nothing dramatic in the way of prices surging, or at least for now and should continue until the Christmas holiday, imo.

2024 Presidential Election Update, October 26th Edition

The Electoral Vote count stands at 264 for Trump; and 226 for Harris. Arizona and Georgia are starting to lean heavier into Trump territory, which would put the count at 291.

What is interesting to me... is the national vote count. It appears a possibility that Trump might win a majority of that vote. 

Contrary to what some people might believe... a majority constitutes 50% plus 1 vote of total votes cast.

Going back to at least 1828, indicates that the person with the majority of votes always wins the election... except in 1876, when Rutherford B Hayes won the electoral vote with 47.92% of the vote against Samuel Tilden's 50.92%. 

Not sure either of this year's candidates will receive a majority of the vote, but the potential for Trump to gain the electoral vote and the majority... does exist.