In yet another sign that behind the frequently blasted OPEC headlines meant to suggest a sense of OPEC unity yet which do nothing more than incite a short squeeze (as even Morgan Stanley has now admitted), there is far less cohesion, moments ago we learned that Nigeria's Oil minister Emmanuel Kachikwu is the latest to skip this week's Doha meeting scheduled for November 17 and 18. He joins the oil minister of both Iran and Iraq who will likewise skip the meeting. Oil is not happy.
With OPEC’s 2016 World Oil Outlook now grimly forecasting that peak oil demand could become a reality in just over a decade, and natural gas and renewables chomping at the bit to cannibalize commodity market growth, it may be good for the environment, but the trade-off will be global instability on a catastrophic level.
The dollar pulled back from close to 14-year highs on Tuesday, US and euro zone government bond yields fell and the price of copper tumbled as traders cashed in gains from a rally fueled by Donald Trump's victory in the U.S. presidential election. Was that it for the Trump "reflation rally."
“In our view, the United States of America represents so many things that conflict with Californian values, and our continued statehood means California will continue subsidizing the other states to our own detriment, and to the detriment of our children,”
As fighting resumes in Aleppo following a brief ceasefire - and as Russia’s largest naval fleet to sail since the Cold War steams down the English Channel on its way to the western coast of Syria - it’s important, in times when most of the focus is being drawn to one point, to step back and look at the whole board.