Crude

US Shale Production Just Hit A New All Time High

In July, the total US shale basin is producing a record amount of crude oil, which the EIA pegged at 5.472mmb/d, up almost exactly as predicted, and is expected to rise by a further 113kb/d in August to a new all time high of 5.585mmb/d.

Sleepy Overnight Session Interrupted By Chinese Market Turmoil

While it was indeed a generally quiet session (with Japan markets closed), US equity futures continued their run into record territory (ES up 0.1% to 2,458.50), and Europe fractionally lower, the early Monday focus was on the previously discussed turmoil for Chinese markets where despite a solid set of Chinese data small caps tumbled, selling off into the close after further warnings of regulatory scrutiny and deleveraging,

Global Shares Hit Another Record High In Lethargic Session Ahead Of US Data Deluge

It was another painfully low-volume overnight session, which however did not prevent global stocks from hitting another record highs, capping their best week in over two months as the dollar stayed close to nine-month lows following Yellen's dovish retreat in which she noted caution on persistently low inflation as odds of future rate hikes in 2017 and 2018 dropped.

Gartman Covers Oil Short

"we are going to move to the sidelines in crude oil, covering our short position upon receipt of this commentary and standing aside. In retrospect, we should have covered last week amidst what was then panic liquidation, but we follow our rules regarding the changing nature of the contango and shall make the change today."

Our Financial Buffers Are Thinning

If we survey the financial landscape for fully intact buffers, we find none. Every buffer has been thinned by the past eight years of extreme monetary and fiscal policies and financial leverage, that is, debt piles ever higher on an unchanged foundation of collateral.

Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data

The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish testimony yesterday, overnight global shares hit their fourth all-time high in less than a month as Septmeber and December rate hike odds tumbled, pushing the dollar to the lowest level since September 2016.

Loonie Bulls? Sold To You!

"Sure Poloz is more hawkish, but to a large extent, his policy decisions will be driven by the Canadian economy’s performance. Given the high reliance on real estate, the last thing Canadian dollar bulls should be hoping for is higher rates. Both higher rates and a higher Loonie will sow the seed for its descent."