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Weakest Chinese Economy In 6 Years Sends WTI Crude Surging To Highest Since Dec 2014
So the Chinese economy is weakest in 6 years, there is a record inventory, near-record production, and record drop in rig count... and now WTI Crude has surged to its highest since Dec 2014 (running stops above last week's highs).
WTI highest since Dec 2014
Which all started after Chinese data hit...
Charts: Bloomberg
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War preparations. War is simply negotiation by other means and negotiations never cease.
So war never ends, it's good business for the .01%
https://www.youtube.com/watch?v=t61WjW1ihrc
Something about survival of the fittest comes to mind. Yes, same as it ever was...
its just the new momo algo stock du jour.
Suspect data anyone? Who knows what is really going on behind the curtain in China. I think the only real warning sign with regard to China will be Yuan re-valuation or an out right seperation from the USD peg (in some form, as it would immediately make them ultra competitive relative to their neighbors. Then of course their neighbors would respond by doing the same......... ).
Of all the Econ data out there I would think that China's would be the most manipulated, and that's saying a lot.
Again, to all those dissenters last week and $20 / Barrel doom mongers - You're wrong and losing money
BTF Crude D
What happened to the old comments?
Physics-you bastradized the Prussian Otto von Bismark's (1815-1898) famous quote and perverted its meaning. Below is the proper quote:
War is merely a political instrument , a continuation of political commerce, a carrying out of the same by other means
It was Clausewitz from "On War"...
My version is:
Economics is the continuation of Ideology by other means....
Short covering, plain and simple.
So much for carnage for those oil ETFs
Right, because it simply can't go down again.
Crude should be back at $100.00 soon.
The fun-damentals are all there, high inventory, lower useage, increased production, etc... all point to a much higher price, in an upside down world.
That, or someone around here is just short Oil.
"Crude should be back at $100.00 soon."...
Yeah..I'm not really seeing the "oil is definately goin to $30 a barrel" people commenting much this morning..
that's peculiar.
;)
Oil has never been about supply and demand. It is mostly for Big Government coffers which relies on taxes and other stuff on gas, diesel and other oil products. Just like cigarettes. If that many people truly did not smoke, why is there so many outlets still devoting valuable shelf space to stocking them and .gov makes a killing on them and booze as well.
There was a recent article that cigarettes do not cause cancer, may cause other things and are not generally the best thing to do, but there are as many non smokers as smokers getting lung cancer and the scientific community doesn't understand why except it is probably a genetic defect. Mind you they keep this info
Every time there is a major downturn in the economy the banks make record profits, sin products are priced through the roof, oil companies make record profits and .gov sits comfortable knowing their paychecks, pensions and health care are safe from the ravages affecting their employers, the little people.
Just leave the heavy lifting to others...
You will be happier in the long run....
'There was a recent article that cigarettes do not cause cancer, may cause other things and are not generally the best thing to do, but there are as many non smokers as smokers getting lung cancer and the scientific community doesn't understand why except it is probably a genetic defect. Mind you they keep this info'
Nonsmokers tend to work/stay indoors more than smoking workers, who have outdoor jobs. Not as much sunshine leads to lower Vitamin D levels. By forcing smokers outdoors, years ago, they inadvertently boosted the health of the smoking office worker, also.
Government taxes oil and refined products by volume not price
Its as if the worse things get the moar irrational the "markets" become. Very surreal times we live in.
i can't see how we can't have another war soon.
just central banks trying to create inflation - oil is one commodity getting bid
WTI oil daily showing resistance near 57-58 and then over we go again
http://bullandbearmash.com/chart/wti-oil-daily-closes-flat-usd-expecting...
correlation between bad data and stock index change must be kept at zero or better yet negative.
It's called a 'bounce' in oil. When something gets oversold (short term) so quickly it can easily have a fibonnachi bounce of 38% to 62% quite easily - and likely with high volatility. Money is made quickly (or lost quickly) with such moves.
Those numbers, 38%, 62% are Fibinacci retracements.
It is VERY obvious that Tyler is short oil. How did oil drop from 108 to 90, 80, 70, 60? What is the true price of oil anyways? It was obviously driven down to much lower levels and then the very bad numbers came out which supported the "fundmentals" of oil. The drive down was crazy and unexplainable........ and so will the drive up.
How did oil go from 30 to 50 to 80 to 108? The drive up was just as crazy
No shit, and that's my point.
China's economy is not dead. They're trying to set up RMB trading centers around the world. The interest rates dropped slightly, along with the crackdown on gambling in Macau - the volume on their exchanges went straight up.
They're just copying the US in making excuses to keep the RMB and Yuan valued lower. They want to drop interest rates. Without government interference, the invisible hand would be pushing up their currency.
That's why I think that RMB bonds (esp for mulinational US corporations trying to expand in China) would've been Asia's best kept secret (but only safe if we knew for sure what will happen to the interest rates in the next year or three).
But let's pander to the boomercrats! "oh noes! the world will end! buy gold, buy treasuries! Buy more depreciating houses to put poor poeple on the street in a dangerous country for tax write offs).