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Why Energy Investors Are Hoping Saudi Arabia And Iran's Oil Price Forecasts Are Dead Wrong

"At current prices we estimate that valuations for the oil and gas group reflect an implied Brent crude oil price in the range of $65-70/bbl while natural gas leveraged companies reflect a Henry Hub natural gas price in the range of $3.00/Mcf."


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The Russian Economy Is Cracking, "Social Unrest" Coming In "A Few Months", Official Warns

As the ruble plunges to record lows against the dollar, we take a close look at the outlook for inflation and GDP growth in 2016 in the context of The Kremlin's budget, which assumes $50/bbl crude. We also ask whether the deficit - expected to balloon to 4.4% of GDP in the event oil hovers around $35/bbl - will grow as a result of a planned bailout for insolvent state lender VEB. 


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Asia's Largest Commodity Trader Was Just Downgraded To Junk: Collateral Calls Next?

"Moody's downgrades Noble Group to Ba1; outlook negative.... "The downgrade of Noble's ratings reflects Moody's concerns over the company's liquidity," says Joe Morrison, a Moody's Vice President and Senior Credit Officer. The Ba1 ratings also reflect low levels of profitability and consistent negative free cash flow from core operating activities, which exclude proceeds from asset sales."


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This May Be The Greatest "Explanation" Ever For Cooking The Company's Books

"... On 12 December 2015, the Company was notified by the local public security bureau that the Truck was found but not the Lost Documents. As at the date of this announcement, although the possibility of finding the Lost Documents is not high, the Group has nonetheless deployed all possible resources in search of the Lost Documents."


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California Politicians Could Soon Be Forced To Wear Logos Of Top Corporate Donors

In the next week, a potential ballot measure, submitted to the Office of the Attorney General in October, is expected to receive title and summary for the 2016 election, meaning its advocates will be able to collect signatures in order to secure its official place on the ballot. The proposed law would require legislators and candidates to sport the emblems of groups that donate money to their campaigns.


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WTI Slides After API Reports Surprisingly Large Inventory Build

Following last week's huge 5.9mm draw (as entirely expected this time of year given window-dressing) expectations were for a 2.5mm barrel draw this week from DOE. However, API reported a major surprise 2.9mm barrel build, bring December's total to just 1.7mm drawdown (against a 5.5mm average draw in December). This is massively worse than expected given the seasonals (along with a 923k build at Cushing) and while WTI has oscillated up and down around $38 since the API/DOE build 2 weeks ago, it is fading on this data.


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The Herd Is Heading For A Cliff

“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.”


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"Zero Confidence": 8 In 10 Americans Think Obama Is Losing To ISIS

According to a new poll, Americans today see their country as losing the battle against terror despite having the most powerful military in the world. Apparently only 2 in 10 Americans think the U.S. is winning the war on terror, and see the ISIS Islamic State as holding the upper hand. Who says the terrorists aren’t winning against our freedoms?


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Hedge Funds Dropping Like Flies: Doug Hirsch's Seneca Capital Closing After 20 Years

Another hedge fund has decided to call it quits, this time chess-afficionado Doug Hirsch's event-driven $500 million Seneca Capital, which according to Bloomberg is returning outside capital today.


Tyler Durden's picture

Marc Faber Dials In From Thailand, Sees Another Recession

“I think 10-year USTs are quite attractive because of my outlook for the weakening economy. Actually I believe we’re already entering a recessionin the US. Given the weakness in the global economy and the deceleration of growth in the U.S., I would imagine that by next year the Fed will cut rates once again and launch QE4."


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Google's Enterprise Value Quietly Surpasses Apple

For the first time since early 2014, "no brainer" Apple's Enterprise Value has fallen below that of its tech giant super-hero nemesis Alphabet (the company formerly known as Google). Since early July, Apple has lost a stunning $112 billion of 'value' while Alphabet has added over $150 billion. In September we asked "have we reached peak Apple?" it appears, for now, the answer is in.


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WTI Crude Surges Back To $38 Ahead Of API Data

It appears $38 is the new strange attractor for WTI Crude oil as it coincides with the last two weeks' "opposites" inventory data releases. Brent and WTI continue to hug each other for the 3rd day in a row. We await tonight's API inventory data (expected to see a 2.5mm draw) for the next move in crude (and therefore US equities).


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Democratic Senator Calls For Extra Tax To Fund "War" Against ISIS

"In March, I introduced a federal budget amendment that would impose a temporary surtax to pay for our military operations against ISIS. When the Senate reconvenes in 2016, I again plan to explore this option."


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