Benval Research Platform - BRP

"We are what we repeatedly do. Excellence, then, is not an act, but a habit." - Aristotle

Market Update, January 28, 2018

Economic Data

Energy Market

For the first time in decades the U.S. has become a net oil exporter as of the end of November according the U.S. Energy Information Administration, with 211 Thousand Barrels per Day.

U.S. Energy Information Administration, Weekly Petroleum Status Report, week ending 01/18/2019

The WTI oil benchmark is just under $52 usd/bbl, a sharp decline from a recent high in October 2018 at just over $76.

Market Data

Yield Curve

The yield curve in the U.S. has generally flattened between the 1 year and the 5 year: the 1 year (2.60%), the 2 year (2.60%), the 3 year (2.58%), the 5 year (2.59%); and the 10 year is at 2.76%.

The spread between the US 2 Year Treasury Note and the 10 Year Treasury Note, also known as the 2-10 spread. When this curve inverts, meaning the 2 year rate is higher than the 10 year rate it has, in the past been a strong indicator for economic recession. It's nearly inverted now, we'll keep a close watch, see FRED graph below for data going back to the 1970's.

2-10 Spread

Useful Links

U.S. Federal Reserve

U.S. Securities and Exchange Commission

U.S. Department of the Treasury

U.S. Energy Information Administration