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US Deficit Shrinks To $40.6 Billion As October Petroleum Exports Rise To New Record
Moments ago, the Census Bureau announced that in October the US trade gap narrowed to $40.6 billion (which still missed expectations of "only" a $40 billion deficit) from an upward revised September deficit of $43 billion, as oil sales boosted exports to record level. Total exports rose to a record $192.7 billion up $3.4 billion from last month's $189.3 billion, while imports rose just $1 billion to $233.3 billion resulting in a $40.6 billion gap. Among the report highlights: October exports of goods and services ($192.7 billion), exports of goods ($135.3 billion), and exports of services ($57.4 billion) were the highest on record; October imports of goods and services ($233.3 billion) were the highest since March 2012 ($234.3 billion); and perhaps the best news for shale fans: October petroleum exports ($12.5 billion) were the highest on record.
Looking at the key goods category, The September to October increase in exports of goods reflected increases in industrial supplies and materials ($1.5 billion); consumer goods ($1.0 billion); foods, feeds, and beverages ($0.6 billion); capital goods ($0.3 billion); and other goods ($0.2 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.2 billion). The September to October increase in imports of goods reflected increases in industrial supplies and materials ($0.8 billion); consumer goods ($0.5 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.0 billion) and capital goods ($0.3 billion)
Broken down by country, The October figures show surpluses, in billions of dollars, with Hong Kong $2.8 ($3.2 for September), Brazil $1.7 ($1.0), Australia $1.4 ($1.5), and Singapore $1.2 ($1.3). Deficits were recorded, in billions of dollars, with China $28.9 ($30.5), European Union $14.3 ($8.0), Germany $6.9 ($6.1), Japan $6.4 ($5.5), OPEC $5.6 ($5.9), Mexico $4.1 ($5.3), Ireland $3.2 ($1.8), Saudi Arabia $3.1 ($3.2), Canada $3.0 ($3.2), India $2.0 ($1.7), Venezuela $1.9 ($1.3), and Korea $1.7 ($2.1).
Finally, the US reported record exports with Canada and Mexico, while both exports and imports with China hit a new all time high.
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With absolutely ZERO assistance from the current administration. Can anyone say Keystone pipeline?
Do you know why WTI has gone up ~$3.50 in the past couple of days while Brent has been flat? If you don't, you really should simply STFU as you are polluting the thread with drivel...
Is china channel stuffing us?
WTF has that to do with it?
You are also clearly out of your league on this one...
"Do you know why WTI has gone up ~$3.50 in the past couple of days while Brent has been flat? If you don't, you really should simply STFU as you are polluting the thread with drivel..."
Fuck off dipshit, I've worked in the oil patch for 30 years. Besides, the topic of the thread is US exports, not WTI.
As far as your reason, is this good enough?
http://www.bloomberg.com/news/2013-12-04/wti-oil-advances-a-fourth-day-as-u-s-crude-stockpiles-decline.html
Heh, heh, heh...
Just because you may have tossed a few pipes around doesn't mean you know shit about the macro stuff...
Let us know when you figure it out why.... Hint: google Marketlink LLC and Nederland TX...
And yes, Cushing stocks will be falling thereby driving up the price of oil in the Midwest...
BTW, Tyler had a serious brain fart, the link shows oil imports up 12.6 MM bbls for the month... Unlike a lot of dipshits here I actually verify information before swallowing it whole...
It's obvious you can't read either.
I see our resident Hydrocarbon moron has appeared...
Still claiming that propane is the same as LNG? Or was it CNG?
its all austrian to him.
That is wierd, the part that says exports, click it and the page it goes to is US oil IMPORTS.
Good work from the oil industry.
Kudos where it's due. This is real economic added value. Although maybe not sustainable over the long term it's still a good show.
you should count 5 billion Junk Bitcoin and AAA-ZZZ coin exported to China in Oct
crack 'n' frac provides a nice short term buzz.
I was driving through the Poconos last week and noticed some beautiful mountains and valleys that are all ready to be fracked and strip mined. God Bless America!
I passed a Haliburton truck near Mile Run and flipped him the bird on Monday...
What was that Sarah Palin saying again... "Drill, baby, drill!"
Is there not enough 'drilling' in her neck of the woods?
ok... now I'm thrown off? Usually news like this sends gold & silver crashing wihtout pause. why is it up?
Maybe because there is still a $40+B trade deficit?
Oh the trade deficit, we thought you were refering to the fiscal deficit. That will never decrease.
Yearly deficit is down roughly $500 billion from when Bush left office...
What color is the sky in your bubble?
Edit: Pretty clear there are least 3 misinformed fools here that do not know the difference between debt and deficit....
Flak - it is true that many don't understand many of the variables regarding federal budgeting.
For me, even the deficit is pretty meaningless unless it is taken within the context of total spending. To wit: a government that spent $1 trillion and took in $800 billion looks the same deficit wise as a government that spent $3 trillion and took in $2.8 trillion, but they are very different governments. And of course, I’d vastly prefer the former.
I'll beg to differ...
The gubbmint spending $3T while taking in $2.8T has a better shot of balancing things than one spending $1T while taking in $0.8T... In the latter, the imbalance is 20% of revenues while the former is 7%.....
BTW, it is not how much the government spends, it is what it spends it on that matters... but I digress....
Our trading partners are sending us back those valuable FRNs in exchange for our oil.
LOL
If that is not inflationary, then I don't know what is.
It is re-exports of refined products from imported oil..
And you should know better...
http://www.zerohedge.com/contributed/2013-11-05/hockey-sticks-day
Imports are down but they sure as hell ain't zero, not by a long shot...
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMUS2&f=M
YEP! AMERICA IS OUT OF THE WOODS!!
How much was the bitcoin trade???
Lets get this picture right :
US IMPORTS 2.3 Billion barrels of crude (7 million barrels/ day eqvt.) ; down from 2005/6 peak of 3.7 billion barrels but still very high.
Whereas US exports refined products from its refineries.
Not the same thing...
As for Bakken type shale its at 700 thousand BBL/D cumulative additional shale oil in local production, if my memory serves me right...We are talking about the shale oil contribution peaking at 2 million Barrels/day at peak, around 2020, when imports will have fallen to 6 million barrels/day.
The picture is brighter for shale gas exports from when LNG type facilities will allow its export along with more local industrial/electricity usage.
At least one other person here gets it...
And please call it tight oil.....
Its tight not because its drunk, but 'cos its from impermeable structures and 'cos its light and has condensate content; so volume BTU yield is 60% of that of conventional oil. We don't get as many bangs per gallon.
The Bakken/Three Forks is legit light sweet crude, the Eagle Ford on the other hand is naptha rich and not really oil as you point out...
Simply stated: There are fewer US Dollars in the float. That is causing problems for nations, which need Dollars to pay their bills.
Tyler,
are you really sure that that this link
http://www.census.gov/foreign-trade/statistics/historical/petr.pdf
is what you had in mind when you said
"October petroleum exports ($12.5 billion) were the highest on record"
It shows oil imports up ~12.6 MM barrels for the month...
it's been so long that all we've talked about is deficits and debts, that I forget what the opposite of that is...
Oh, wait, that's right.. It's SURPLUS. Hell, we've got a surplus of deficit and debt. If debt was money we'd be in the black, we'd be in the plaid.
In all fairness, the USD lost 5% of its value since July. Nominal gains in GDP and exports will also be huge when a stick of gum is 1 million dollars.
5% relative to what?
relative to the value of a piece of paper
Care to elaborate a bit further for us?
Ship it all. They will be begging for a release of strategic reserves soon enough.
The above ain't even funny let alone based on any semblance of reality...
There is no such thing as a 'Trade Deficit'! The world sends the USA it's raw materials, labor and manufacturing. The USA, in return sends back pieces of paper with pictures of dead presidents printed on it. No deficit. The world must see it as a fair trade as they continue after many years.
Never knew Franklin was a president....
He did serve as the President of the Supreme Executive Council for the Commonwealth of Pennsylvania. So there's that.
Yeah... but that is not quite what the above author was intimating....
True enough. And I only know that because I live in the only state with a meaningful Executive Council.
The only way for there to be a world reserve currency is to ensure there is enough circulating at any given time for people and countries to be dependent upon the currency. If the flow of dollars out of the US to the world stops then the dollar would like have to stop being the world reserve currency. Why did Ben Berstinkie have to bail out the EuroPEON banks with dollars? To keep them hooked on the juice. This is the problem bankers face with converting to a new global reserve currency ... the old momentum takes time to break... and must include the decrease in the export of dollars.
... oh, and since there is no free market and prices are SET through a monopolistic agreement of banks to promote their policies, under the current conditions the amount of oil in Cushing is irrelevant. Price (as well as visible supply) goes up and down as determined by those who control price and not by an invisible free-market hand.
Umm...
Can you provide evidence of what you claim? Or are you merely projecting?
I was under the impression that the WTI-Brent spread was driven by infrastructure being mismatched to new hydrocarbon flows...
Silly me...
It's always about the flow...
+42. Ding, ding, ding, ding, ding. We have a winner.
In a world where virtually everything of value is manipulated, your speculation skills are probably of greater value than almost anything. Assuming you want to "play" in their Casino at all.
"US Deficit Shrinks To $40.6 Billion As October Petroleum Exports Rise To New Record"
We import petroleum in order to export it? How are we supposed to become energy independent if we export record amounts of petroleum?
Tyler screwed the pooch on this one...
His link shows imports were up 12.5 million barrels for the month and says nothing about exports....
Refining is what made Rockefeller obscenely rich and powerful. It's still working.
Due to (deliberate!) "environmental" reasons, refining capacities in the US are very restricted and largely based on the Gulf. Works like a charm for those Oligarchs with monopoly ambitions/abilities.
OK, I'll be the first to admit that I know nothing about the oil or energy markets (I'm a junior economist, Jim, not an oil expert), but why the hell are we exporting oil instead of refining it here and keeping it here, lowering our prices at the pump to, say, maybe $2/gallon.
Back in some far-away parallel universe, I suppose, competitive advantage used to be a source of national pride. Apparently, that ancient relic of "nationalism" escapes our elected officials and oil company executives.
This country was built on cheap oil. Now we ar destroying it with expensive oil, even though we could starve other countries by hoarding our own.
Unless my ignorance of the oil industry has entirely clouded my viewpoint, I'd say the oil companies are only interested in returning massive profits to their shareholders and members of congress are likely some of the biggest ones. The congress people should all be shackled, tortured, burned, hung and then guillotined for their betrayal of the constitution and the interests of their country.
Fuck all of them. If it's drilled here or fracked here, it should STAY here. I'm sick and tired of $3.50+++ gas. Seriously, if China could drill all the oil they needed, what do you think they'd do with it?
-Pissed
You can start here:
http://www.eia.gov/petroleum/data.cfm#imports
There are no shortage of people with interests that rely on the American population remaining clueless despite the fact that the truth is out in the open. They sow confusion to their own benefit...
The reality is that exports of crude oil are illegal except for the case where the company replaces exports by an equivalent amount of import. It stems from the fact that when the TAPS was running flat out, the refining capacity of the West Coast could not handle all the flow so a few percent was exported to Japan. Chevron was required to replace those flows and they did, on the Gulf coast....
Flak, thanks for the info and link. Obviously, I have much to learn.
And just how in hell are we running a trade deficit with Ireland?
WTF?
Off shore tax manipulation. All the big names do it.
Well, what do you import from Ireland besides whiskey and baileys?
Look at the last graph (China-US trade): nice dip every January/February for years. THIS IS AN "ECONOMY"??? ~ It's all plastic Christmas shit...