Crude

OPEC Deal Backfires: Saudis Lose Market Share To Iran, Iraq

Since the start of OPEC’s production cuts, oil market analysts and experts have been focusing on how U.S. shale would respond to the relatively higher and stable oil prices, possibly eating up some of the cartel’s global market share while the cuts last. But the market share war is also going on a micro level within OPEC itself...

Global Stocks Hit All Time High As Fed Meeting Begins

With the Fed set to begin its latest 2-day meeting, S&P futures are little changed with European and Asian stocks higher after the VIX dropped to a 10 year low and the Nasdaq rose to record highs, sending the MSCI All-Country Index back to all time highs, as global markets reopen after holiday with investors focusing on stronger corporate earnings, while ignoring weaker than expected "hard" economic data and geopolitical concerns.

Pierre Andurand Blames CTAs For His Hedge Fund's Worst Draw-Down Ever

“The recent oil market sell-off is not attributable to fundamental changes in the supply and demand equilibrium... Without consistent and significant draws invisible onshore inventories, we remain stuck in a trendless and choppy market with CTA flows eclipsing the gradual improvement in fundamentals..."

Futures Rise On Government Funding Deal; Most Global Markets Closed For Holiday

With much of Europe and Asia, including the U.K., France, Germany and China markets closed for Labor Day, Asian stocks and the dollar rose buoyed by news that Congress had reached a deal to keep the US government funded through the end of September. S&P futures are up 4 points or 0.2%. Oil declined as rigs targeting crude in the U.S. rose for a fifteenth week and output from Libya rebounded.

The Real WMD In Syria - The West's Weapon Of Mass Disorientation

The alleged use of chemical weapons, a particularly odious weapon of mass destruction (WMD), serves as an effective prop to channel Western public outrage against Assad. Allegedly killing civilians with bullets and bombs just doesn’t have the same psychological power to incite public disgust. Poisoning little children with lethal chemicals is a more effective label with which to demonize the alleged perpetrator. But the more pertinent WMD issue here is Weapon of Mass Disorientation.

The Relentless Push Towards War

"The only real constant to be found in both European and US politics is war. It doesn’t seem to matter who’s in office in the US - Republican/Democrat, conservative/liberal - there’s a war machine constantly running. My concern is that there's a building risk that one day that war machine is going to bust apart."

One Man's Reality Check From "A Corner Of Flyover Red America"

"I live in a corner of Flyover Red America where you can easily read these conditions on the landscape - the vacant Main Streets, especially after dark, the houses uncared for and decrepitating year by year, the derelict farms with barns falling down, harvesters rusting in the rain, and pastures overgrown with sumacs, the parasitical national chain stores like tumors at the edge of every town."

US Rig Count Rise Continues As Crude Production Hits 20-Month Highs

From the May 2016 lows, the number of US oil rig counts have only declined 3 times and this week was no exception. Up for its 15th week in a row (+9 to 697), its highest level since April 2015, the rig count continues to pull US crude production higher, stymying OPEC efforts at balance, leaving the bullish case for oil fading fast.