Natural Gas

US Oil Rig Count Drops For First Time In 24 Weeks As Trump Unveils US-Mexico Petroleum Pipeline

Last week saw US crude production decline by the most since Aug 2016 (perhaps affected by 'Cindy') and given the lagged response to WTI prices, many expected the oil rig count to drop this week. As WTI heads for its 7th up-day in a row - the longest streak in 6 months - it is supported as the US oil rig count dropped 2 to 756, the first drop in almost 6 months.

Frontrunning: June 30

  • Rhetorical question of the day: Twisted Geniuses or Bumbling Ex-Academics? (WSJ)
  • Markets Steady on Quarter’s Last Day (WSJ)
  • Their fortunes enmeshed, Trump and Putin to hold first meeting next week (Reuters)
  • Oil Is Set for Longest Rally of 2017 (BBG)
  • Brightening economy sets euro up for strongest quarter since debt crisis (Reuters)

Qatar Begins Turning Its Back On The US Dollar

Over the past two years, Qatar has conducted over $86 billion worth of transactions in Chinese Yuan and has signed other agreements with China that encourage further economic cooperation.

The "World's Policeman" Retires On Disability

"The American neo-conservatives predicted the 21st century would be a 'New American Century'. Instead, it is becoming a 'New Chinese Century', with the United States still believing, wrongly, that it is the 'leader of the free world' and a 'super power'."

Furious Qatar Balks At Saudi Ultimatum As UAE Warns Of "Parting Of Ways"

"This list of demands confirms what Qatar has said from the beginning – the illegal blockade has nothing to do with combating terrorism, it is about limiting Qatar’s sovereignty, and outsourcing our foreign policy” said the director of Qatar’s government communications office.

Ever Closer To War

"The Science and Security Board of the Bulletin of the Atomic Scientists has warned that the likelihood of a catastrophic nuclear war is closer than since 1953...And as disaster looms, the US Senate is heightening its global confrontational approach, penalizing Russia for a number of supposed misdemeanors..."

The Global Commodity Cycle: Where Are We Now

"In commodity cycles, demand leads and supply reacts, with a lag. And the factor which facilitates this process is price. 2017 looks to be providing another classic example of this simple commodity rule."