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Oil Triple Whammy: Inventory Build, Iran Nuke Deal Has Votes, & China Gives Venezuela $5 Billion Loan
Following last night's epic inventory build., according to API, DOE has reported a 4.7mm barrel build but US crude production pluinged 1.4% (lowest since March). However, ths oil complexc has been hit by two other 'issues' this morning as Obama captures the votes he needs to confirm the Iran nuclear deal (guaranteeing more oil supply) and China encumbers more Venezuelan oil ($5bn loan) allowing them to keep pumping at below-cost levels. The reaction for now is notable selling pressure...
Inventory Builds most in 5 months...
The Obama administration will be jubilant this morning as it appears they have captured enough votes to confirm the Iran-nuclear deal...
- *OBAMA HAS ENOUGH U.S. SENATE SUPPORT TO UPHOLD IRAN DEAL
Sen. Barbara Mikulski, a Maryland Democrat, said Wednesday she supports the nuclear deal with Iran, giving the agreement enough votes to be upheld in the Senate. She becomes the 34th Democrat to back the deal, the magic number to sustain a veto.
Of course, that confirms the Iran oil supply is coming.
And then there is last night's China-Venezuela "cash-for-oil" loan...
President Nicolas Maduro announced the signing of a special program w/ China for a $5b loan to increase oil production in coming months, according to a statement posted on the Venezuelan Information Ministry website.
Statement did not provide additional details on the loan
Loan agreement was signed by PDVSA president Eulogio del Pino and Venezuelan development bank Bandes president Simon Zerpa with the president of the China Development Bank, information ministry says in separate e-mailed statement
Which allows VENZ to keep producing at below cost.
* * *
The reaction to all this...
Even as production drops to six month lows...
Though we note that the majority of the production cut came from Alaska and no the Lower 48 (-100k vs -19k)
Charts: Bloomberg
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I expect gas prices to follow suit in 3...... 2........ still waiting....... getting sleepy........
Can't wait to by a Tesla for $5000!
Nahh. Make it $500
Iran Nuke Deal Has Votes
None dare call it treason....except for 100's of retired generals.
oh come on. Britain took control of Basra during the war and they have already reopened their embassy and are inking contracts. They are almost back to their 1930's position with the Persians. (Just like they tried to grab Helmand in Afghanistan....know were the good stuff really is...) The US always manages to take the opportunity to miss an opportunity. Persia is a real country. And the Saudis can't decamp for their ski lodges fast enough IMHO.
Iran gets its balls castrated and the headlines the next day read: "Iran Allowed to Keep Penis"
DOE has reported a 4.7mmmbarrel build but US crude production pluinged 1.4% (most since July). (sic)
The world produces 94 million barrels a day and the US uses 20 million barrels a day and imports 7.5 million barrels a day as does China. So a tiny build in inventories, a few million barrels, far less than a day's imports for America or China, is enough to crash oil?
Perception... It's all smoke and mirrors.....
Keep your eye on the inventory in Cushing, which is currently at 81% of capacity (this time last year it was at 29%). Cushing could realistically reach the "all-full" level in January, based on current trends. The cost to send oil from Cushing to the Gulf Coast is $2-4/barrel, so it will make sense for sellers to just drop the price in Cushing at that time in order to get rid of it.
And what is the shelf life of the deal once the Middle East heats up with Syria? Stay tuned....
I don't know man it looks like ISIS is starting to turn on the Saudi's so all bets are off.
Half the Muslim world hates the Saudi's and the other half hates Iran, so I foresee stability all over the middle east...after they all kill each other off....
I work for a company that supplies frac sand.
I can confirm that domestic drilling has slowed considerably in the past 3 weeks. Our open orders have dwindled to near nothing. Many of our plants are idle at the moment.
An oil & gas company approached our family a month ago about locating another drilling pad on our property. I met with the attorney and got him started on writing our clauses for a surface damages agreement. We were willing to make a reasonable deal. I was especially interested because the company wanted to drill a horizontal well that would have had perfs under my land where I own 100% of the mineral rights. Poof! The price of oil went down below $40 for a day or two and I've never heard back from the landman.
Yesterday, a friend who has land and minerals a couple of miles away told me that in the same time frame, he had been approached by one of the major oil companies about surface damages so they could locate a new horizontal drilling pad in his pasture. A great many of the perforations would have been in his mineral holdings. Poof! That company's landman never called back either.
That $5 billion to Venezuela is what's called a "force multiplier." I wonder if the instrument they sent was US Treasuries? LOL
Just another Obozo nut licker.
Even if he didn't get the vote the Nigga General would force it through anyway.
While the pussy boy John Bonner would sit by crying sucking on a bottle gin, whining how he couldn't do anything about it.
A complete fucking sick joke...every fucking one of them.
Again, I ask - what's your plan?
Is it "Bomb bomb bomb, bomb bomb Iran!"? Are you John McCain?
You just can't go through life with the Groucho Marx motto of "Whatever it is, I'm against it". At some point, you have to offer an alternative solution, else you just sound like a bitter, old, racist coot.
I don't give a flying fuck about Iran!
This is just another of hundreds of bills that get passed without knowing what the hell is in them, but I guess you are cool with that!
Or you have some special "inside" info...I doubt it though!
Well, the ayatollah sounds like a bitter, old, racist coot and he has a plan. He wants to erase Israel off the map. Iran's negotiator said that the destruction of Israel was non-negotiable. That is beyond racist. That is genocidal.
Iran celebrated their annual Death to America Day a few weeks ago. The chants in the street were, "Death to America. Death to Israel."
If making deals with Hitler was a bad idea, why is negotiating with Iran a great plan? Why is a one-sided nuclear pact with the supreme leader of a genocidal "religion" anything other than a green light to genocide?
Under a sidebar, Iran is responsible for inspecting themselves to assure compliance, not the US, not a third party.
This treaty (and it is a treaty) should never pass.
Dumbfuck megaphone toad. Iran and Syria have all the VX they need to make a nuclear holocaust look like a picnic at the beach. They don't want or need nuclear weapons to make the Zionist entity an uninhabitable wasteland.
#Hasbarafail
Benjamin Netanyahu's Long History of Crying Wolf About Iran's Nuclear Weapons
https://theintercept.com/2015/03/02/brief-history-netanyahu-crying-wolf-...
Israel – America’s Biggest Frenemy: The Jewish State in the Levant is a burden we shouldn’t have to bear
http://original.antiwar.com/justin/2014/11/23/israel-americas-biggest-fr...
The Conference of 52 Presidents of the Major American (sic) Jewish Organizations and the US-Iran Nuclear Agreement: The Centerpiece of US Foreign Policy Struggle
http://mycatbirdseat.com/2015/08/the-conference-of-52-presidents-of-the-...
The Liberation of US Foreign Policy
http://mycatbirdseat.com/2015/08/92610-the-liberation-of-us-foreign-policy/
fuck israel.
such a tiny shitsplat of a country the size of New Jersey, yet we hear about these whiny fucks all the time, like they're America Jr, or something. Miserable manipulative dicks.
"Under a sidebar, Iran is responsible for inspecting themselves to assure compliance, not the US, not a third party."
This was widely debunked and the AP called out for it.
Don't you fellas update your scripts or is it just so full of lies another one doesn't matter anyway?
http://news.antiwar.com/2015/08/19/bogus-ap-claim-of-iran-self-inspectio...
http://truthinmedia.com/iaea-aps-claims-on-iran-self-inspection-false/
http://www.juancole.com/2015/08/inspect-nuclear-facilities.html
They chant death to america mainly because of Israel, partly because, oh yeah, we overthrew their democracy installed a dictator and secret police all to steal their oil.
oh and helped Iraq use chem weapons on them
then put them under a sanctions regime for doing what they are legally entitled to do and which Israel and the US do.
A $150B to a country that chants "death to america" doesn't sound to ideal to me. Why do we even have to play the game?
Why are you even bothering to mention their names? Idiots like you wasting your anger on puppets is one of the reasons we're fucked.
You sound like a Kike.
Bonner is a traitor, I am not speaking about the Iran deal. He is a globalist sell out.
Bribing Bibi and His Proxies to Behave
They won't anyway and it will cost us much more
http://www.unz.com/article/bribing-bibi-and-his-proxies-to-behave/
That's a bummer... I just bought 40k in oil futures 30 minutes ago...
Thank god logic doesn't rule this market.
And why does China want to increase oild production? Now they're also in the game?
Forget the oil, its a cheap purchase of goodwill in Latin America. Plus it uses up a few more US$
Its supposed to go to new oil production...but I bet most of that money goes to buying TP and food....its the socialist way
The Knesset doesn't care what lower houses like the US Senate does. They will "annul" the deal with metal and powder.
Americans should boycott oil & gasoline, crush everybody with a walk out and park, try taxing refusenics
Ok I'm boycotting oil and gas. Can you take me to the store?
Stop snivelling about the Iran deal. It's that or WAR, Obunker has said so. Fuck the oil patch.
When one nation-state gives another nation-state billions of dollars, who is in charge of saying, "yep those magical electronic data points got there"?
Because governments (the control arm of the State) do not need currency (because they can create as much of it as they want), why the charade of writing checks between them as individual people do? Who controls the ledger of international recordkeeping?
The Liberation of US Foreign Policy
http://mycatbirdseat.com/2015/08/92610-the-liberation-of-us-foreign-policy/
The Conference of 52 Presidents of the Major American (sic) Jewish Organizations and the US-Iran Nuclear Agreement: The Centerpiece of US Foreign Policy Struggle
http://mycatbirdseat.com/2015/08/the-conference-of-52-presidents-of-the-...
who knows if its a good deal? i do know when the Israeli's, Jihadi's and Republicans are aligned against it, it probably should go forward.
Israel is “Targeting Christian-Palestinian Communities in the West Bank”. Confiscating Lives, One Hectare at a Time
http://www.globalresearch.ca/israel-is-targeting-christian-palestinian-c...
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
http://www.independent.co.uk/news/education/education-news/threeyearold-...
Burning Churches Is Legitimate Under Jewish Law
http://www.gilad.co.uk/writings/2015/8/8/burning-churches-is-legitimate-...
Israel is not a theocracy. The religious crazy cannot do any crazies or they go to jail. They are limited to talking among themselves and offending everyone else.
As a Brit let me assure you that any such proactive actions by the British Government were pure chance and not as a result of any predetermined strategy!
Venezualians would have been better served by China if China had given them 5 billion rolls of TP.