Crude Headlines

  • The Cardinal Sin Of International Finance

    Authored by Nick Giambruno via InternationalMan.com, As Doug Casey has correctly noted, the prime directive of any organism - whether it’s an amoeba or a person or a corporation or a government - is to survive. That’s why the US government protects the petrodollar so zealously. It needs the system to survive. Why Everyone Uses the US Dollar… for Now In the 1970s, the US government struck a series of deals with Saudi Arabia, creating the petrodollar system. The US promised to coddle and protect...

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  • US STOCKS-Crude price jump helps Wall Street offset tech losses

    By Sruthi ShankarNov 22 (Reuters) - Wall Street indexes treaded water, staying near record levels, in late morning trading on Wednesday as technology and...

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  • WTI/RBOB Slide After Smaller Than Expected Crude Draw, New Record High Production

    With WTI at its highest since July 2015, vol at 8mo lows, and the front-end flipped into backwardation for the first time since Nov 2014, it appears a lot of hope is priced into continued equlilibration (and OPEC). Last night's API (crude draw) provided some more confirmation but this morning's DOE data disappointed with a smaller than expected crude draw, and production rose once again to a new record high. “Domestic production is going to be the big nugget that everybody will be racing to see,...

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  • Asian Stocks Smash Records; Dollar Slides As Crude Surges To July 2015 Highs

    Global shares hit another record high on Wednesday, propelled higher by what increasingly more call (ir)rational exuberance, and investors’ unflagging enthusiasm for tech stocks. That said, S&P futures are unchanged the morning before Thanksgiving (at least before the market open ramp), as are European stocks (Stoxx 600 is flat), despite the euphoria in the Asian session which saw the MSCI Asia Pac index hit a new all time high... ... as oil jumped, rising as much as $1.15 to $57.98/bbl,...

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  • 7 Reasons Why Stocks No Longer Care About Political Shocks, And 2 Why They Should

    From Nicholas Colas of DataTrek Research Why do global equity markets ignore political shocks like Brexit, President Trump’s election or the news that Angela Merkel failed to form a government in Germany? There are plenty of good reasons, actually, which we review below. News that German Chancellor Angela Merkel failed to form a new government was the big shock of the day. It is unclear if the country will have a minority coalition or call fresh snap elections. The New York Times quoted a Der...

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  • WTI Tops $57 After Biggest Crude Draw In 3 Months

    WTI/RBOB bounced today in anticipation of a reversal of the last two week's builds in crude inventories, and bulls were not disappointed by the API print.  Jan '18 WTI pushed above $57 but RBOB fell after a big crude draw (though gasoline build). “It looks like we are going to get a draw in crude oil inventories. That’s somewhat supportive,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone. Investors are also “looking ahead to the OPEC meeting, and...

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  • Bankrupt Venezuela Is Demanding Oil From JV Partners Without Payment

    Now that Venezuela, and its state-owned petroleum company PDVSA, were both officially declared in default on their debt by ISDA last Friday, analysts were closely watching what the insolvent Maduro government would do next, now that it is - at least on paper - isolated from most international capital markets (with the occasional loophole when it comes to Chinese and Russian funds). We didn't have long to wait, and as Reuters reports, a cash-strapped, and bankrupt, PDVSA has resorted to siphoning...

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  • Bonds, Futures, Global Stocks All Rise, Boosted By "Germany's Brexit Moment"; TSY Curve Collapse Continues

    S&P 500 futures are higher, continuing on yesterday's momentum, after European and Asian shares also rose alongside a rebound in oil, as the year-end performance chase appears to be accelerating. There were several different moving parts in a mixed European session, in which early Euro strength gave way to weakness... ... which in turn pushed the Stoxx 600 and US index futures higher, rising above yesterday's session high on negligible volumes.  Global equity futures rallied with Hang...

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  • Venezuela's Default Disaster

    Authored by Daniel Lacalle via The Mises Institute, Socialism always promises heaven and gives hell... In the early hours of Thursday, November 2, the Maduro regime certified its latest failure with what they promised would never happen: technical default. With his usual arrogance, Maduro issued a “decree” demanding “the refinancing and restructuring of the debt as of November 3.” That is, default. The bad news for investors or high-yield hunters is that the likelihood of being swindled again...

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  • Nebraska Regulators Approve Keystone Pipeline Route Days After South Dakota Leak, Shutdown

    TransCanada received its final required pipeline route approval, winning Nebraska’s permission to build its long-delayed Keystone XL crude oil pipeline across the state... just days after a 5,000 barrel spill in South Dakota shut the pipeline. The decision will almost certainly be challenged in court. Just a few short days after 210,000 gallons of crude oil spilled in South Dakota, Bloomberg reports that Nebraska's Public Service Commission voted three to two Monday, removing one of the last...

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  • The Coming Economic Downturn In Canada

    Authored by Deb Shaw via MarketsNow.com, Canadian GDP growth has outperformed this year, helping the Canadian dollar As GDP growth slows and the Bank of Canada turns neutral, catalysts turning negative Crude oil and real estate look set for a downturn, with negative implications for the currency Given its natural resource-based economy, Canada is a boom and bust kind of place. This year, the country has enjoyed a significant boom. Thanks to a government stimulus program, rising corporate...

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  • Another Step Towards The Sovietization Of American Media

    Authored by James George Jatras via The Strategic Culture Foundation, This week the US Department of Justice Criminal Division forced the Russian-funded television network RT (formerly Russia Today) to register as a “foreign agent” under the Foreign Agents Registration Act (FARA). Failure to comply would have risked arrest of RT’s management and seizure of its assets. The move comes on the heels of Senators’ recent demands that terrified tech giants Twitter, Facebook, and Google act as...

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  • Xi Jinping Pledges To "Strengthen Relationship" Between Saudi Arabia And China

    In what can only be described as a masterful play to entice Saudi Arabia to list shares of Aramco in Hong Kong (assuming the kingdom follows through with the listing, which is reportedly in jeopardy) Chinese state media reported Friday that Chinese President Xi Jinping pledged to strengthen the relationship between China and Saudi Arabia as the latter tries to reform its economy. According to the South China Morning Post, Xi vowed to strengthen cooperation between the two states at a time when...

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  • As Oil Heads For Down-Week, Crude Stakes Are Huge

    After five straight weeks higher - read by many as confirmation of how awesome the global coordinated recovery must be - WTI and Brent dropped this week as inventories rose, demand outlooks dimmed, and OPEC hope faded. As Alhambra Investment Partners' Jeffrey Snider notes, there is a titanic struggle going on right now in the oil market. On the one side of the futures market are the usual pace setters, the money managers. Last week, the latest COT data available, they went the most net long...

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  • Mueller Subpoena Spooks Dollar, Sends European Stocks, US Futures Lower

    Yesterday's torrid, broad-based rally looked set to continue overnight until early in the Japanese session, when the USD tumbled and dragged down with it the USDJPY, Nikkei, and US futures following a WSJ report that Robert Mueller had issued a subpoena to more than a dozen top Trump administration officials in mid October. And as traders sit at their desks on Friday, U.S. index futures point to a lower open as European stocks fall, struggling to follow Asian equities higher as the euro...

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  • Nasdaq, Bitcoin Surge To Record Highs As China Saves The World

    IP surges (thanks to hurricanes), Congress passes a tax bill that has no hope of passing the senate, but a huge Chinese liquidity injection sends stocks soaring and proves... Seemingly thanks to a Risk Parity rebound... And a huge China liquidity injection... “The increase in cash additions will help soothe market sentiment,” said Qin Han, chief fixed-income analyst at Guotai Junan Securities Co. And indeed it did: US equity markets soared today... (Small Caps and Trannies best, Dow and...

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  • Goldman Reveals Its Top Trade Recommendations For 2018

    It's that time of the year again when with just a few weeks left in the year, Goldman unveils its top trade recommendations for the year ahead. And while Goldman's Top trades for 2016 was an abysmal disaster, with the bank getting stopped out with a loss on virtually all trade recos within weeks after the infamous China crash in early 2016, its 2017 "top trade" recos did far better. Which brings us to Thursday morning, when Goldman presented the first seven of its recommended Top Trades for 2018...

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  • Futures Jump, Global Stocks Rebound From Longest Losing Streak Of The Year

    After five consecutive daily losses on the MSCI world stock index and seven straight falls in Europe, there was finally a bounce, as investors returned to global equity markets in an optimistic mood on Thursday, sending US futures higher after several days of losses as global stocks rebounded following a Chinese commodity-driven rout.  The House is poised to vote, and pass, on tax legislation although what happens in the Senate remains unclear. European shares rebounded for the first time in...

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  • Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia

    As Venezuela teeters right on the brink of complete financial collapse, Bloomberg reports that Russia has agreed to restructure roughly $3.2 billion in outstanding obligations.  While details of the restructuring agreement are scarce, both sides reported that the deal spreads payments out over 10 years with minimal cash service required over the next six years. Russia signed an agreement to restructure $3.15 billion of debt owed by Venezuela, throwing a lifeline to a crisis-wracked ally...

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  • WTI/RBOB Slide On Surprise Build As US Crude Production Hits New Record High

    WTI/RBOB extended yesterday's IEA-driven losses after a big crude build reported overnight by API, and DOE did nothing to assuage that with a 1.85mm crude build (admittedly smaller than API's projected 6.5mm, but notably different from the 2.4mm draw expected), Gasoline also surprised with a build and WTI/RBOB extended losses. Additionally US Crude production rose to a new record high. Bloomberg Intelligence energy analyst Fernando Valle notes: Weaker demand drove a negative print for crude and...

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  • Global Stocks Tumble, Asia Plunges On Chinese Commodity Carnage

    The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today's critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines in Asia while bonds and gold advanced. The equity retreat, which spread to U.S. stock futures, started with last night's sharp puke in Chinese commodities. As...

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  • China's Credit Growth Is Freezing Up At The Worst Possible Time

    Submitted by Gordon Johnson of Axiom Capital CREDIT LEADS “ALL OTHER” ECONOMIC DATA IN CHINA China until recently euphoric credit growth, is rapidly grinding to a halt. As we published last week, and a key underpinning of our negative outlook on commodity prices through the remainder of 4Q17 and into 2018, the moderation in China’s credit seen more recently appears to be gaining momentum. The evidence?  Well, we note that: (1) new yuan loans in October came in at CNY1.04tn (vs. expectations of...

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  • WTI/RBOB Extend Losses After Huge Crude Build

    WTI/RBOB prices tumbled today on demand outlook cuts (and late comments from Brazil and Russia with regard OPEC cuts) ahead of tonight's API report which is expected to show crude and gasoline draws. However, WTI/RBOB prices extended their losses as Crude  (biggest in 9 months) and Gasoline saw significant builds. API Crude+6.513mm  (-2.4mm exp) - biggest build in 9 months Cushing -1.803mm - biggets draw in 4 months Gasoline +2.399mm (-1.5mm exp) - biggest build in 3 months Distillates...

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  • Stocks Stagger On Tax Turmoil As Junk Debt Dumps To New 8-Month Lows

    Yellen warns "valuations are at the high end of ranges" but tax cut details diss stocks. It was all going great until I hit 310kph... Ugly data from China overnight sent China bond and stock prices lower... Notably Gold remains the only asset higher since the Saudi chaos... All Cash Indices ended the day red but the dip-buyers rescued Dow, S&P, and Nasdaq green fro the month... Futures show the crazy swings best once again... Dow (blue) almost ramped back to unch for the...

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