Crude

Tyler Durden's picture

China Crash Accelerates, Drags Composite Under 4000; US Futures Flat Ahead Of Nonfarm Payrolls





If it was Greece's intention to crush the Chinese stock market instead of Europe's, well - it succeeded.  Because despite the PBOC and politburo throwing everything but QE at the stock market, China stocks closed down sharply on Thursday after another wild trading day as investors shrugged off regulators' intensified efforts to put a floor under the sliding market, by cutting trading fees and easing margin rules, which has now crashed 25% in about two weeks wiping out $2.5 trillion of the peak $10 trillion in Chinese stock market cap as of June 14. This ultimately resulted with the Shanghai Composite closing under 4000 for the first time since April.

 
Tyler Durden's picture

The Current Oil Price Slump Is Far From Over





The oil price collapse of 2014-2015 began one year ago this month (Figure 1).  The world crossed a boundary in which prices are not only lower now but will probably remain lower for some time. It represents a phase change like when water turns into ice: the composition is the same as before but the physical state and governing laws are different. The market must balance before things get better and prices improve. That can only happen if production falls and demand increases. That will take time. The most likely case is that oil prices will decrease in the second half of 2015 and that financial distress to all oil producers will increase. The hope and expectation that the worst is over will fade as the new reality of prolonged low oil prices is reluctantly accepted.

 
Tyler Durden's picture

Crude Crashes To $56 Handle - 10-Week Lows





Following today's record production and renewed inventory build, it appears the $57 to $62 range of the last 3 months is about to be tested ... especially as Kerry et al. assure the world an Iran deal is "very very close" and they are working "very very hard." WTI (Aug) is now trading with a $56 handle - its weakest since mid-April...

 
Tyler Durden's picture

Crude Slumps To $57 Handle As DOE Confirms Surprise Inventory Build, Production Hovers Near Record Highs





Confirming last night's surprise API inventory build data, after 8 weeks of inventory draws, DOE reports crude oil inventories rose 2.386 million barrels. Overall production dropped a miniscule 0.09% last week but basically production remains at cycle record highs. Crude prices are dropping on the news... testing to a $57 handle.

 
Tyler Durden's picture

Market Wrap: Greek "Capitulation" Optimism Sends Global Risk Higher After China Re-crashes





So much going on that by the time an article is prepared, everything has changed and it has to be scarpped. But, in any event, here is an attempt to summarize all that has happened in another turbulent overnight session.

 
Tyler Durden's picture

Goldman Just Crushed The "Strong Fundamentals" Lie; Cuts EPS, GDP, Revenue And Profit Forecasts





To summarize: the first revenue drop for the S&P in 5 years, a major downward revision in EPS now expecting just 1% increase in 2015 EPS, a 25% cut to GDP forecasts, a machete taken to corporate profits and 10 Yields, and not to mention double digit sales declines for some of the most prominent tech companies in the world. And that, in a nutshell, is the "strong fundamentals" that everyone's been talking about.

 
Tyler Durden's picture

Crude Slips On Surprise API Inventory Build





After 8 weeks of drawdowns in crude inventories, API reports a 1.9 million barrel build in the past week. Crude's response is a 60c drop for now...

 
Tyler Durden's picture

Greek D(efault)-Day Arrives, As Does China's Plunge Protection Team





The Greek D-(efault) day has arrived, and with it so has quarter-end window dressing for many underwater hedge funds (recall the S&P is now red for the 2015) which means the rumor mill today will be off the charts. And sure enough, less than an hour ago, futures exploded higher as did the EURUSD, following another "report/rumor" of a last minute detente between Greece and the Troika when Greek Ekahtimerini said that  "Tsipras is reconsidering the last-ditch offer made by European Commission President Jean-Claude Juncker, sources have told Kathimerini."

 
Monetary Metals's picture

June 26 Silver Flash Crash: A Forensic Analysis





On Friday morning, at around midnight PDT, the price of silver had a mini crash, dropping more than 10 cents in one second. This is our forensic analysis.

 
Tyler Durden's picture

Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)





At the open, Europe looked in the abyss, and with no help coming from China, it did not like what it saw: And then the answer came from the Swiss National Bank, which stepped in to prevent the collapse just as Europe was opening. Because seemingly out of nowhere, a tremendous bid came in to life the EURCHF, buying Euros (against the CHF and the USD) and selling Europe's last left safety currency. We now know that it was the SNB, the same central bank which is the proud owner of well over $1 billion in Apple stock.

 
Marc To Market's picture

Dollar Psychology ahead of Key Events in Greece and US Jobs Data





A look at the psycholgoy of traders as reflected in the price action ahead the new week which promises to be eventful.

 
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