OPEC

The Geopolitical Consequences Of U.S. Oil Exports

"... the more U.S. oil is exported, the less immediate effect higher production here has on domestic prices...But this is also has spillover effects in other quarters... Including sending Saudi Arabia and Russia into each other’s arms..."

Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

S&P futures rebounded and edged higher as European stocks gain, led by Spanish shares after mass demonstrations in favor of Spanish unity and speculation Catalonia may back down on unilateral independence demands, while Chinese mainland stocks reopened catching up to gains missed during the holiday week following last weekend's RRR cut.

Is This The Geopolitical Shift Of The Century?

"The emergence of a Russian-Iranian-Turkish triangle is the new reality. The Western hegemony in the MENA region has ended, and not in a shy way, but with a long list of military conflicts and destabilization..."

Is Saudi Arabia's Grand Strategy Shifting?

"Even in this era of global paradigmatic changes, Saudi Arabia’s shifting grand strategy is perhaps one of the most surprising developments to occur thus far..."

WTI/RBOB Plunge On Saudi, Russia Comments; Rig Count Resumes Decline

WTI and RBOB are plunging following comments from the Saudi minister that "he doesn't know" if November meeting will agree on a production cut deal extension, and Russia's Novak confirmed that there is "no clarity" on a deal extension. Amid higher OPEC production and the prompt return of supplies from Libya, futures prices are under pressure.

WTI Tumbles Below $50 To 3-Week Lows

On the heels of continued dollar strength, output increases by OPEC (and US production at 2 year highs), and Libya restarting its biggest oilfield, WTI prices are tumbling for the 3rd time this week, back below $50 to their lowest in 3 weeks...

Dollar Surge Continues Ahead Of Jobs Report; Europe Dips As Catalan Fears Return

World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U.S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red ahead of hurricane-distorted nonfarm payrolls data

US Trade Balance Shrinks More Than Expected As Deficits With China, EU Decline

The U.S. trade deficit shrank 2.7% in August 2017, declining from a downward revised $43.6 billion in July  to to $42.4 billion in August, better than the $42.7 billion expected, as exports increased by 0.4% to $195.3 billion and imports decreased by 0.1% to $238.1 billion. This was the smallest trade deficit since last September.

Spain Rebounds, Pound Tumbles In Quiet Session Ahead Of ECB Minutes, Fed Speakers

Global markets came off record highs, trading subdued, with US index futures unchanged as traders are unwilling to make major moves ahead of today's ECB minutes and tomorrow’s NFP release, and before speeches by central bankers including SF Fed President John Williams and the potential next Fed chair Jerome Powell, as well as ECB executive board members Peter Praet and Benoit Coeure..

A Failing Empire, Part 2: De-Dollarisation - China and Russia's Plan From Petroyuan To Gold

"De-dollarization for Beijing, Moscow and Tehran has become a strategic priority. Eliminating the unlimited spending capacity of the Fed and the American economy means limiting US imperialist expansion and diminishing global destabilization. Without the usual US military power to strengthen and impose the use of US dollars, China, Russia and Iran have paved the way for important shifts in the global order."

Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan

Maduro met with Putin today, and proposed an alternative currency basket, one which is based not on the world's reserve currency but rather the yuan and ruble. "Developing a new mechanism of controlling the oil market is necessary," Maduro said at the Russian Energy Forum.

WTI/RBOB Jump After Big Crude Inventory Draw, Exports Hit Record High

WTI/RBOB prices recovered from their drop after API reported a big surprise gasoline build overnight ahead of the DOE data which showed a major crude draw (and smaller than API-reported build in gasoline). Along with no change in production, this sparked buying in both WTI/RBOB as the kneejerk reaction.