Crude

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.

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, even as the yield curve continued to flatten. Meanwhile, oil jumped to 2.5 year highs pressuring yields as the dollar slid to a one month low.

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).

Bankrupt Venezuela Is Demanding Oil From JV Partners Without Payment

A cash-strapped, and bankrupt, PDVSA has resorted to siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries: "PDVSA started requesting some cargoes from Petrocedeno. Now it is asking Petropiar to relinquish almost half of its crude production."

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 President Xi pledged to strengthen the relationship between China and Saudi Arabia as the latter tries to reform its economy.

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. Right now, there is a titanic struggle going on right now in the oil market.

Goldman Reveals Its Top Trade Recommendations For 2018

1. Short 10-year US Treasuries; 2. Go long EUR/JPY; 3. Go long the MSCI EM stock market index; 4. Go long EUR 5-year 5-year forward inflation; 5. Go long the EMBI Global Index against short the US High Yield iBoxx Index; 6. Own diversifed, and hedged, Asian growth: Long INR, IDR, KRW vs. short SGD and JPY. 7. Go long global growth, non-oil commodity beta: long BRL, CLP, PEN vs. short USD.