Following last week's surge in crude and product inventories, API reported a much bigger than expected drawdown in crude inventories ( versus -1mm expectations). While this spiked WTO prices, they fell back amid massive builds in gasoline (9.75mm) and distillates.
Both CME and ICE publish reports showing warehouse inventories of gold in two categories, Eligible gold and Registered gold. Most importantly, however, both reports are technically incorrect for the approved vaults that they have in common because neither Exchange report takes into account the Registered gold reported by the other Exchange.
President-elect Donald Trump has announced the nomination of Vincent Viola as secretary of the Army. Viola is a retired paratrooper, former chairman of NYMEX, founder of HFT trading powerhouse Virtu Financial and current owner of the NHL’s Florida Panthers team.
Remember the shale gale and Saudi America? The scale of those outlandish delusions has now dwindled to plays in a few counties in West Texas and southeastern New Mexico. Saudi Permian. It’s a race to the bottom as investors double down on the tight oil companies that can still tell a growth story.
Despite what seemed somewhat more hawkish than the July Statement, Fed Minutes sparked a dovish reaction sending the USDollar reeling, rate hike odds falling, and in turn bonds, gold, oil, and stocks higher...