Crude

World Stocks Pull Back Amid Rising Concerns Of A Market Correction

For the first day in three S&P futures have pulled back modestly from record levels as some investors cautioned that gains had gone too far, too fast, European shares are mixed while Asian equities extended their longest rising streak in almost two months as continued gains in Japan and India offset the losses in Hong Kong.

WTI/RBOB Extend Gains After Biggest Gasoline Draw On Record

WTI/RBOB gained on the day after OPEC headlines but with disruptions still looming over much of the refining capacity in the Gulf Coast, today's API data, showing the trend of Gasoline draw (the biggest ever) and Crude build continues, sparked further gains.

World Stocks Hit Fresh Record High As Irma, Korea Rally Continues; Pounds Surges

World stocks hit new record highs on Tuesday amid a continuation of Monday's risk-on theme which unleashed a dramatic relief rally on easing North Korea tensions and signs that Hurricane Irma caused less damage than feared. The MSCI All-Country World Index gained 0.2%, hitting the highest on record with a fifth consecutive advance.

United Nations Unanimously Approves New Sanctions On North Korea

The United Nations Security Council unanimously adopted new, stepped-up sanctions on Monday afternoon against North Korea after the U.S. drastically watered down its original sanctions proposal in an attempt to win the endorsement of China and Russia.

Crackdown Begins: Chinese Banks Are Suspending North Korean Transactions

Japan's Kyodo reports that Chinese state banks have started suspending transactions through accounts held by North Koreans, making it nearly impossible to do business between the two countries.  At least three major state banks - Bank of China, China Construction Bank and Agricultural Bank of China - have banned North Koreans from opening accounts.

US To Propose Watered Down North Korea Sanctions To Appease China And Russia

In the latest indication that the US is desperate to reach a diplomatic compromise over North Korea, even if it means appeasing Beijing and Moscow, Reuters reports that while the UN is set to vote on Monday afternoon on a U.S.-drafted resolution to impose new sanctions on North Korea, the new draft no longer proposes blacklisting North Korean leader Kim Jong Un, while also dropping a proposed oil embargo.

Rig Count Slumps To 3-Month Lows As US Crude Production Collapses

US crude production collapsed this week with most of Texas offline and we would expect rig counts to have continued to stabilize (if not fall) following the lagged track of WTI, and they did - oil rigs dropped 3 to 756, the lowest since June.

Crude Is Getting Slammed After China Headlines

WTI crude is suddenly tumbling. While it's unclear of the specific catalyst (storms outweighing most other events), desk chatter suggests it is due to a story in The FT that China is striving to reduce capacity of its 'teapot' oil refineries - thus cutting demand notably - “Beijing is correcting a course for an industry that has gotten out of control.”