Quick Overview

• U.S. mortgage applications rose 12.8% last week.
  

• Industrial orders in the EU rose 1.6% MoM, but fell 24.9% YoY
  
  

• Britain's economy may be emerging from recession, but with bank lending still weak and unemployment rising "there could be false dawns," the Bank of England said
  
  

• Obama is calling on the world to end massive government subsidies that encourage the use of fossil fuels blamed for global warming.

• The U.S. Department of Energy said:
  Supplies of crude oil rose 2.8 million barrels to 335.6 million barrels
  Supplies of gasoline rose 5.4 million barrels
  Supplies of heating oil rose 1.5 million barrels.
  Refinery use fell from 86.9% to 85.6%
  Gasoline demand rose 4.5% YoY
  Distillate demand fell 8.1% YoY