Data was particularly limited in the prior week as market participants pared positions and took to profit-taking ahead of the new fiscal year. Data was predominantly US centric in nature with housing data including home prices and pending home sales among the key data points released. According to the S&P Case-Shiller home price index composite of 20 major US cities, prices grew at a blistering 5.50% pace over the prior year on a non-seasonally adjusted basis. This coincided with a -0.90% contraction in pending US home sales as seasonal factors combined with more regulatory proceedings have been blamed for the weaker home transaction results. The S&P 500 futures did not managed to climb out of negative territory, with a 2015 return of -0.50%. Commodities remained volatile with crude oil prices falling nearly 3.00% for the week. As both API and EIA data confirmed, US crude oil inventories rose, gaining 2.629 million barrels in the latest reporting period. Onshore global inventories are reaching record levels and could potentially exceed capacity in the coming months as production levels remain heightened.