Crude

Tyler Durden's picture

"It's Turning Into A Ghost Town" - One In Five Calgary Offices Is Now Empty





As a result of the ongoing collapse of the Alberta energy economy, CBRE Canada estimates that Calgary's downtown office vacancy rate was 20.2% as of March 31, nearly twice as high as the 11.8% a year ago. This means that one in five offices is now vacant.

 
Tyler Durden's picture

Crude Oil Prices Rise On New Record Low US Rig Count





With all eyes on Doha this weekend, today's rig count data may have even less signaling power than normal. The US oil rig count has risen for only one week this entire year and continues to track lagged crude prices lower, dropping 3 to 351 (lowest since Oct 09). With gas rigs unchanged, the total rig count dropped once again to a new fresh record low at 440. The reaction in crude oil prices was a small bounce.

 
Tyler Durden's picture

"If No Agreement, Expect A Sharp Selloff" - All You Need To Know About Doha





Sunday’s producer meeting is all about nothing no matter what agreement might be forged. At best, the agreement will be, as Russia’s energy minister has stated, a gentlemen’s affair, with no binding commitments, no concrete next steps beyond having a review meeting, and no procedure for moving to production cuts.

 
Tyler Durden's picture

The Bank Of Japan Already Owns Over Half Of All ETFs; It Wants To Own More





Less than six months after we pointed out that the BoJ owns 52% of the entire Japanese ETF market, Reuters reports that the Kuroda's Peter Pan fairy tale, aka the Bank of Japan, is thinking about buying even more. The BoJ is said to be currently buying $30 billion of ETF's a year under its current policy, however since the Nikkei is down over 10% this year, that figure is apparently not enough to keep the market propped up.

 
Tyler Durden's picture

Angela Merkel Caves To Turkish Pressure, Authorizes Criminal Probe Against Comic





Chancellor Angela Merkel on Friday authorised a Turkish demand for criminal proceedings against a German TV comedian over a crude satirical poem about President Recep Tayyip Erdogan in a bitter row over free speech. "The government will give its authorisation in the case at hand," Merkel told reporters, adding that it was up to the courts to decide on his guilt or innocence.

 
Tyler Durden's picture

Futures Fade As Chinese "Good News Is Bad News" For Fed, Oil Drops As Doha Concerns Emerge





Good news is still bad news after all. After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)  the sentiment this morning is that China has turned the corner (if only for the time being). And that's the problem, because while China was a good excuse for the Fed to interrupt its rate hike cycle as the biggest "global" threat, that is no longer the case if China has indeed resumed growing. As such Yellen no longer has a ready excuse to delay. This is precisely why futures are lower as of this moment, because suddenly the "scapegoat" narrative has evaporated.

 
Tyler Durden's picture

Iran's Massive Oil Fleet Begins To Move: 29 Million Barrels Depart Iran In Past 2 Weeks





Recall all those tankers we have profiled before on anchor next to the Iran shore? They have finally started to move.

 
Tyler Durden's picture

Wells Fargo Finally Reveals Its Dire Energy Exposure: $32 Billion To Junk-Rated Oil And Gas Companies





The punchline in Wells Fargo's earnings report is in the reminder of just how generous Wells has been in lending to junk-rated oil and gas companies in the recent past to compensate for its eclining NIM: Wells reported that ~22%, or $8.8 billion, of exposure to investment grade companies, which means $32 billion is to junk-rated companies!

 
Tyler Durden's picture

U.S. Futures Flat After Oil Erases Overnight Losses; Dollar In The Driver's Seat





In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt. As Richard Breslow accurately put it, "If you need yet another stark example of the fantasy storytelling we amuse ourselves with, juxtapose today’s Monetary Authority of Singapore policy statement with the storyline that the Asian stock market rally intensified on renewed optimism over the global economy. Singapore is a proxy for trade and economic growth ground to a halt last quarter." The Singapore announcement led to a sharp round of regional currency weakness just as the dollar appears to have bottomed and is rapidly rising.

 
Reggie Middleton's picture

The Bearish Case Against Oil Gets... Bearier...





Bears vs Bulls, Buyside vs. Sellside and shorting oil with the USDEUR pair through the blochchain because of EU bank exposure and a NIRP-happy ECB.

 
Tyler Durden's picture

Algos Run Oil Stops After Seeing Word "Doha" In Latest Set Of OPEC Headlines





Tuesday oil humor extends to Wednesday oil humor as WTI Crude algos key off yet another Doha headline and spike stops above yesterday's highs...

 
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