The Last Minutes Of Crashed EgyptAir Flight MS804: 22,000 Foot Drop In 2 Minutes, Violent Swerving; Crash Debris FoundSubmitted by Tyler Durden on 05/19/2016 09:11 -0400
Most critical appears to be the 2 minute interval from 3:27 to 3:29, when according to the Greek defence minister cited by the Guardian, there was a dramatic change in the plane's attitude and direction. It was in this two minute period when the plane made a 90 degree swerve left and dropped from 37,000 feet to 15,000 feet before swerving 60 degrees right and vanishing at 10,000 feet ten to 15 miles inside Egyptian air space.
Data suggests that oil producers need prices in the $70-80 range to survive. That is unlikely in the next year or so. Without more timely price relief, the future looks grim for an industry on life support.
One month ago, when the NYT reported that Saudi Arabia would liquidate as much as $750 billion in Trasurys should the US pursue legislation that could hold it liable for the September 11 bombings, many asked: does Saudi Arabia own that many Treasurys? We now have the answer courtesy of a Bloomberg FOIA submission to the US treasury, and our estimate of "far less" Saudi holdings was indeed accurate. As Bloomberg reports, "the stockpile of the world’s biggest oil exporter stood at $116.8 billion as of March."
Here is the visual representation of the current oil supply disruptions courtesy of Goldman.
"We expect that the return of some of these outages as well as higher Iran and Iraq production will more than offset lingering issues in Nigeria and our higher demand forecast. As a result, we now forecast a more gradual decline in inventories in 2H than previously and a return into surplus in 1Q17, with low-cost production continuing to grow in the New Oil Order. This leads us to lower our 2017 forecast with prices in 1Q17 at $45/bbl and only reaching $60/bbl by 4Q17."
And why investors should pay attention to Saudi Arabia
We can't figure out why we are so concerned about the Middle East. Can you? If we are swimming in shale oil and our future is driver-less electric cars, why are we so concerned about the Middle East?
Another month, another OPEC meeting beckons for 2nd June. But unlike typical meetings on the Danube (let alone dust filled haze of Doha), the producer group might just have a new King in town. It comes in the form of Russia; the number one global producer that’s not even technically a member of the cartel. Confused? Don’t be. The argument is quite simple.
Oil Jumps Despite Saudi Plans For "Significant Output Growth"; Kuwait Unveils Plans For Record Production SurgeSubmitted by Tyler Durden on 05/10/2016 11:25 -0400
Two stories that oil traders are ignoring in today's action is the latest out of Saudi Arabia where Saudi Aramco, the state oil company, announced it was raising production to capture more customers as it pushes ahead with what could be the world’s biggest stock market listing next year the FT reported earlier. Additionally, Kuwait's head of research at state-owned Kuwait Petroleum said the country aims to produc a record 4 million a barrels a day by 2020, a major increase of nearly 50% compared to its recent 2.8mmbpd output recorded in March.
A small team of U.S. troops was on the ground in Yemen and Navy ships with Marines aboard were offshore to support friendly forces against an al-Qaeda offshoot as the U.S. deepened its involvement in yet another Mideast civil war, the Pentagon admitted Friday.
An Army captain filed suit against President Obama on Wednesday, claiming that the president is engaged in an “illegal war” against the Islamic State in Iraq and Syria. Nathan Michael Smith, who is deployed to Kuwait as an intelligence officer at Camp Arifjan, argues in the lawsuit that the president lacks the proper authorization for his campaign against the Islamic State, also known as ISIS, because he failed to get congressional authorization under the War Powers Resolution of 1973.
Ever wondered where the United States imports its oil from? Howmuch.net came out with some infographics to show that from 2000 to 2015. What we would highlight here is the notable shift from the U.S. depending heavily on Middle East countries and Mexico, to depending more on America's neighbor to the north, Canada.
The dollar's gyrations remain a key source of inspiration for traders with the fundamental focus continuing to switch between falling US and rising OPEC production, according to Saxo Bank's Ole Hanson. Having seen calendar 2017 almost hit $50 last week the realisation that further upside may be hard to achieve may has helped trigger increased demand for protection.
Seymour Hersh has reported that the Obama Administration falsely blamed the government of Syria’s Bashar al-Assad for the sarin gas attack that Obama was trying to use as an excuse to invade Syria, exposing that a secret agreement in 2012 was reached between the Obama Administration and the leaders of Turkey, Saudi Arabia, and Qatar, to set up a sarin gas attack and blame it on Assad so that the US could invade and overthrow Assad. Notably, multiple reports suggest the US Consulate in Benghazi Libya was operating a "rat line" for Gaddafi’s captured weapons into Syria through Turkey; and now, for the first time, Hersh has implicated Hillary Clinton directly in this "rat line."