Yep, it's that hot. (h/t MT)

I bid you a happy Friday once again, as the weekend sees us teeter over the edge of July, and into the arms of August. The past week has brought us a shaken snow globe of economic data; mixed, stormy and unsettled. Yet all the while, corporate earnings season in the US has continued the trend of underpromising and overdelivering, ultimately improving market sentiment, and ergo, equity markets. Natty has been given a boost from warmer temperature outlooks, both near-term and for the rest of summer (hot enough to melt ice cream vans) while hurricane season is errant for now. Crude has continued to trade in a tight range betwixt $76-$80, as the choppy sea of economic sentiment keeps it bobbing along.  Anyhow, too much squibbling, not enough nibbling, let’s chow: 

–New BP CEO: We won’t be found grossly negligent. BP counsel: Yes we will.  

–More buns for your buck – the updated Big Mac Index shows the euro is overvalued. 

–Cap and Trade is dead. Long live Cap and Trade!  

–Is it dangerous to drive and listen to sports radio? 

–Kinks in the ethanol message-machine? 

–Everything you need to know about global warming in 5 minutes (on p.7). 

–America’s laziest states. 

–36ft tall meerkat made out of straw. 

–US refineries still need to trim capacity.

–Why putting a glass of water on your dash helps fuel consumption. 

–Art Berman from The Oil Drum talks about Shale Gas.

–Modern cargo ships travel slower than 19th Century Clippers. 

–Monkey Economics. 

–Are Jedi knights libertarian or socialist? 

The Burrito Deluxe Award of the week goes to Chicago PMI data that was released this morning. With PMI manufacturing data released across the globe on Monday (= August!) - and possibly showing ‘expansion, but slowing expansion’ - the pre-emptive data from the Chicago PMI has boosted markets into the weekend, and raises hopes for some decent prints on Monday - fingers crossed. (No contraction from China’s manufacturing sector, please). 

EIA Crude Inventories this week: 7.3 mb build

The Burnt Burrito Award of the week goes to crude oil stockpiles which posted a hueymongous build in weekly inventories this week, growing by 7.3 million barrels versus the consensus of a draw, as imports cranked up last week. 

The Burrito Quote of the Week: “Every depression upgraded to a storm will bring in precautionary short-covering and precautionary evacuations – at least from BP’s rigs. After everything that has happened this summer, that company only needs to hear wind chimes in the Azores and things get buttoned down,” – research company Cameron Hanover. 

The Burrito Headline of the Week: Strongest Beer in the World. Served in a Dead Squirrel. 

Have a tremendous weekend!