If you can buy oil cheaper in the fwd and futures markets why bother to drill for it?
;)
Charts from Citi:
Construction Spending
Highlights
Construction outlays rebounded significantly on public outlays and the private residential component. Construction spending jumped 1.1 percent in October after a 0.1 percent dip in September. Market expectations were for a 0.6 percent boost.
October’s increase was led by public outlays which rebounded 2.3 percent after a 1.6 percent fall in September. Private residential spending gained 1.3 percent, following an increase of 0.8 percent the month before.
Private nonresidential construction spending slipped 0.1 percent, following a rise of 0.2 percent in September.
Note that the year over year growth rate is declining, and looks like it isn’t growing as fast this year as last year:
