The December ISM Manufacturing Survey is yet another awful month. Manufacturing is in a second month of contraction and this time slightly deeper than November. PMI was 48.2%, -0.4 percentage points lower than the previous month. New orders is still in contraction and employment plunged and went into contraction. Only six sectors showed any growth according to the survey.
The key series of news stories from the past week that will have the greatest long term impact on the global oil markets came out of Saudi Arabia, and none of those stories was even about their oil production.
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