The debt ceiling crisis may have been averted with a last minute deal between the Obama regime and congressional Republicans but today that bullish news was quickly overcome by the bearish news that the factory index posted by the ISM was down 4.4 to 50.9 in July from 55.3 in June. If factory output is down, this confirms the GDP numbers released last week that showed little growth in the national economy. The inventory numbers released last week make more sense now and point to continued stagnant, if any, growth.
Today, WTI-81¢,$94.89; Brent+14¢,$116.88; RBOB-5.89¢,$3.054; HO+0.12,$3.0974.
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