In recent days, we have observed a distinct trading pattern: a ramp early in the US morning, usually triggered by some aggressive momentum ignition, such as today's unexplained pump then dump in the EURUSD with stocks rising after the European open, rising throughout the US open, then peaking around the time the US closed at which point it is all downhill for the illiquid market. So far today, the pattern has held, and after trading flat for most of the overnight session, with Europe initially in the red perhaps on disappointment about the Italy bank bailout fund, a bout of early Europe-open associated buying pushed US futures up, following the first rebound in the USDJPY after 7 days of declines which also helped the Nikkei close 1.1% higher.
The future of America's energy policies will heavily depend on who our next president is. Each presidential candidate has strong views on energy policy...
Last fall, a 7-inch injection well pipe ruptured 500 feet below the surface of Aliso Conayon in Los Angeles, after ferrying natural gas for six decades. The resulting methane leak is now being called one of the largest environmental disasters since the BP oil spill, has pushed thousands of people out of their homes, and has quickly become the single biggest contributor to climate change-causing greenhouse gas emissions in California. But it's not the first time this well sprang a leak - and Southern California Gas Company (SoCalGas), which owns and operates the well, knew it.
“This is the equivalent of the BP oil spill on land, in a populated community... If you have a chance to leave, if you’re able to leave... if you have a chance to relocate, do it now. I’m telling you, it’s really critical.”
Some context for those who insist renewables will 'solve' everything...
Awkward: Day After EPA Finds Fracking Does Not Pollute Water, Top Oil Regulator Resigns Over Water ContaminationSubmitted by Tyler Durden on 06/06/2015 17:10 -0400
Put this one in the awkward file: just hours after the EPA released yet another massive study (literally, at just under 1000 pages) which found no evidence that fracking led to widespread pollution of drinking water (an outcome welcome by the oil industry and its backers and criticized by environmental groups), the director of the California Department of Conservation, which oversees the agency that regulates the state's oil and gas industry, resigned as the culmination of a scandal over the contamination of California's water supply by fracking wastewater dumping.
- Full picture of Clinton charities' foreign government funding remains elusive (Reuters)
- Greece Readies for Another Week of Deadlines (BBG)
- Greece says deal will be 'difficult' at Eurogroup meeting (Reuters)
- Saudi Arabia’s Rulers Snub Arab Summit, Clouding U.S. Bid for Iran Deal (WSJ)
- Saudi Aramco Said to Plan Spending $80 Billion Overseas (BBG)
- The $900 Billion Influx That’s Wreaking Havoc in U.S. Bills (BBG)
- Cameron rules out another Scottish independence vote (Reuters)
- Banks Prep Defense for Anti-Wall Street Campaigns (WSJ)
- Saudis keep on pumping, oil prices keep on slumping (Reuters)
- Tenet Healthcare Nearing Deal to Buy United Surgical Partners (WSJ)
- Dizzying Pre-IPO Tech Values Spurred by Rush of Hedge-Fund Money (BBG)
- Russia threatens to aim nuclear missiles at Denmark ships if it joins NATO shield (Reuters)
- Torrent of Cash Exits Eurozone (WSJ)
- Draghi Cheerleads for Euro-Area Economy as Greek Risk Looms (BBG)
- Fortescue Mines for More Financing Options (WSJ)
- Topix Charts Evoke Calm Before ’13 Rout as Momentum Gains (BBG)
How does the economy really work? In our view, both energy and debt play an extremely important role in an economic system. Once energy supply and other aspects of the economy start hitting diminishing returns, there is a serious chance that a debt implosion will bring the whole system down. In this first piece of this story, we explain how the economy is tied to energy, and how the leveraging impact of cheap energy creates economic growth.
- "The hate us for our..." Americans’ Cellphones Targeted in Secret U.S. Spy Program (WSJ)
- Ukraine and Russia take center stage as leaders gather for G20 (Reuters)
- Moscow and Kiev trade accusations; U.S. warns Russia against escalation (Reuters)
- Heartland Central Banker Calls Asset Bubbles Top Concern (BBG)
- U.S. Said to Give Banks December Deadline in FX Probe (BBG)
- Series of Failures Enabled White House Breach, Report Finds (WSJ)
- Yen plumbs seven-year trough on likely Japan sales tax delay (Reuters)
- JPMorgan Chase Bankers Said to Lead Moscow Departure (BBG)
Next time you get into your car and drive to the supermarket, think about how much energy you consume on an annual basis. It is widely assumed that Westerners are some of the world’s worst energy pigs. While Americans make up just 5 percent of the global population, they use 20 percent of its energy, eat 15 percent of its meat, and produce 40 percent of the earth’s garbage. Europeans and people in the Middle East, it turns out, aren't winning any awards for energy conservation, either. Oilprice.com set out to discover which countries use the most energy and why. While some of the guilty parties are obvious, others may surprise you.
- Showtime for Apple: Big phones, smart watches and high expectations (Reuters)
- Bank of England Gov. Mark Carney Signals Spring Rate Rise (WSJ)
- Quebec Shows Scots Question Returns Even If Answer Is No (BBG)
- Hush money with a 9 year vesting period: Ex-SAC Fund Manager Martoma Sentenced to Nine Years in Prison (BBG)
- Dreams on hold, Brazil's 'new middle class' turns on Rousseff (Reuters)
- Fed to Hit Biggest U.S. Banks With Tougher Capital Surcharge (WSJ)
- Egypt court sentences Brotherhood leader, cleric to 20 years in jail (Reuters)
Seven independent oil companies have been ordered to halt state-approved wastewater injection work this week, according to The Bakersfied Californian, The cessation of fracking is out of concern they may be contaminating Kern County drinking water. As ProPublica reports, The state’s Division of Oil and Gas and Geothermal Resources (DOGGR) is warning that they may be injecting their waste into aquifers that could be a source of drinking water, and stating that their waste disposal “poses danger to life, health, property, and natural resources.”
Some basic suggestions for those who are seeking shelter from the coming storms of global financial crisis and recession.