Market Share

Futures Drop As ECB Confusion Persists, Dollar Rises To Seven Month High; Yuan Plunges

Asian stocks and S&P futures fall modestly and European shares are little changed as traders digested the surprising reticence from yesterday's ECB meeting. The dollar jumped to 7 month highs, pressuring EM currencies and pushing the euro to its weakest level since March and below the Brexit lows, after Mario Draghi shut down talk of tapering, while the Yuan dropped to the lowest since 2010.

Nigeria Slashes Oil Prices, Admits There Is A "Huge" Cargo Glut

Nigeria National Petroleum Corporation lowered by at least $1 a barrel its official selling prices (OSPs) for 20 out of 26 oil grades. Qua Iboe, Nigeria’s largest export crude under normal circumstances, was reduced by the most since 2014.  The reason for the dramatic price cuts according NNPC, the state oil company, is a  “huge cargo overhang" as the country attempts to regain market share.

Frontrunning: October 19

  • China third quarter GDP grows 6.7 percent as expected as construction booms, debt rises (Reuters)
  • China Growing at 6.7% Opens Window to Deliver Debt-Curb Vow (BBG)
  • U.S. expects Islamic State to wield chemical weapons in Mosul fight (Reuters)
  • Iraq urges U.S.-led coalition to prevent Islamic State escape to Syria (Reuters)
  • Fox national poll shows Clinton leading by six points (Hill)

Global Stocks Rebound As Fed Fears Ease, Dollar Falls From 7 Month High

If yesterday's session was marked by concerns about Fed tightening and rising long-end rates, today concerns about a hawkish Fed have subsided, with European, Asian stocks and S&P futures all rising amid speculation Federal Reserve policy will remain accommodative after yesterday's dovish comments by Fed vice-Chair Stan Fischer, as well as weak economic data helped push the US Dollar off its 7 month highs.

Restaurant Industry In Gloom As Number Of Americans Eating Out Tumbles

When it comes to one of America's favorite pastimes, eating out, the "recovery" fiction peddlers have finally won: according to the latest Restaurant sales data, not only has the number of Americans eating in restaurants tumbled, but restaurant operators are the gloomiest they have been about the state of their industry since the financial crisis.

Even More OPEC Confusion: Unclear Who Cuts First, If Anyone, As Production Hits New Record High

Following yesterday's latest IEA report which showed that OPEC production had hit an all time high, this morning OPEC released its own estimate of production by OPEC member nations for September and, not surprisingly, the latest report showed that in the month OPEC was supposed to be set on "cutting" production, the 14-nation group produced a whopping 33.39 million b/d crude in Sept., up 220k b/d from August.

Rethinking The Oil Market: IMF Warns "Conventional Wisdom No Longer Applies"

Some oil-price factors are temporary, but others are structural and permanent. The debate about the causes and effects of the price slump since 2014 will continue, which both reflects and underscores a fundamental point: the conventional wisdom about the global oil market no longer applies.

A Strange "Production Cut" - OPEC Oil Output Hits Record High As Rosneft Says "No" To Production Cap

Something odd happened on the way to the recently "agreed upon" OPEC production cut: instead of cutting production, OPEC countries have seen their oil output surge, and according to an IEA reported released today, the oil producing countries pumped oil at record-high volume last month, while officials from three member countries, those exempt from the "deal", said they plan to raise output even more in the near future.