Crude Oil
Frontrunning: May 23
Submitted by Tyler Durden on 05/23/2013 07:44 -0400- AIG
- American International Group
- Apple
- Australia
- BAC
- Barack Obama
- Barclays
- China
- Copper
- Corporate Finance
- Corporate Restructuring
- Crude
- Crude Oil
- Detroit
- Ford
- General Electric
- General Motors
- Insider Trading
- Jamie Dimon
- Japan
- JPMorgan Chase
- Lehman
- Lehman Brothers
- LIBOR
- Market Share
- Middle East
- Newspaper
- Nielsen
- Nikkei
- Private Equity
- recovery
- Reuters
- Securities and Exchange Commission
- Trading Rules
- Wall Street Journal
- White House
- Yuan
- Global shares sink, following 7.3 percent drop in Japan's Nikkei (Reuters)
- When all fails, pull a Kevin Bacon: Japan Economy Chief Warns Against Panic Over Stock Sell-Off (BBG)
- White House Feeds IRS Frenzy by Revising Accounts (BBG)
- In any scandal, lying to Congress is tough to prove (Reuters)
- Debt limit resets at higher level, budget impasse grinds on (Reuters)
- China factory data to test political calculations (FT)
- European Leaders Saying No to Austerity (BBG)
- And yet, nobody wants in anymore: Iceland’s new coalition government suspends EU accession talks (FT)
- Oil Manipulation Inquiry Shows EU’s Hammer After Libor (BBG)
- The Fed Squeezes the Shadow-Banking System (WSJ)
- Diamond Said to Weigh Backing Barclays Alumni in Venture (BBG)
- Spain’s Private Jets Disappearing as Tycoons Cut Flights (BBG)
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The Macro Story as Told by Gold, Copper and Oil
Submitted by EconMatters on 05/22/2013 07:47 -0400Unless there's a shock to the system when people start seeking safety, there's not much upside momentum for gold.
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Frontrunning: May 22
Submitted by Tyler Durden on 05/22/2013 07:29 -0400- Apple
- Bank of Japan
- Barrick Gold
- Ben Bernanke
- Ben Bernanke
- Bond
- Carlyle
- China
- Corporate Finance
- Crude
- Crude Oil
- Darrell Issa
- European Union
- Ford
- Fox News
- General Motors
- Goldman Sachs
- goldman sachs
- Hong Kong
- Iceland
- Insider Trading
- Italy
- Jamie Dimon
- Japan
- JPMorgan Chase
- Keefe
- KKR
- Markit
- Mexico
- Private Equity
- Real estate
- Reuters
- SAC
- Starwood
- Testimony
- Wall Street Journal
- Westfield
- Yen
- Yuan
- Apple Bonds Stick Buyers With $280.6 Million Loss as Rates Climb (BBG)
- Iceland Freezes EU Plans as New Government Shuns Euro Crisis (BBG)
- "Transparent Fed" - Ben Bernanke meets privately with Darrell Issa (Politico)
- Bank of Japan vows market steps to curb bond turbulence (Reuters) holds policy (FT)
- Stockholm riots spread in third night of unrest (FT)
- Dudley Says Decision on Taper Will Require 3-4 Months (BBG)
- Senate panel passes immigration bill; Obama praises move (Reuters)
- Italy to outline youth jobs plan as government struggles (Reuters)
- Apple CEO Tim Cook, Lawmakers Square Off Over Taxes (WSJ)
- Google Joins Apple Avoiding Taxes With Stateless Income (BBG)
- Sony Board Discussing Loeb’s Entertainment IPO Proposal (BBG)
- Vote Strengthens Dimon's Grip (WSJ), Dimon performance well choreographed (FT)
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Brent Vigilantes Drag Gas Prices Near 3-Month High
Submitted by Tyler Durden on 05/20/2013 11:30 -0400
UPDATE: Gas Prices reach all-time high in Oklahoma City
With the bond vigilantes still suppressed by the heavy boot of central bank intervention, the role of 'governor' of monetary (and fiscal implicitly) largesse has been left to the energy markets around the world. As we noted here, the Brent Vigilantes have indeed capped economic gains in the past few years (and perhaps more worryingly for investors, as we detailed here, have capped P/E expansion hopes). Sure enough, with a one-month lead, crude oil prices are leading retail gas prices higher (now near three-month highs) which point to a rally-ending, economy-sapping $3.80 price within the next few weeks (unless oil prices are rapidly suppressed too).
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Is EVERY Market Rigged?
Submitted by George Washington on 05/19/2013 20:38 -0400European Union Launches Investigation Into Manipulation of Oil Prices Since 2002
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Guest Post: European Commission Investigates Oil Majors For Oil Price Manipulation
Submitted by Tyler Durden on 05/15/2013 22:34 -0400
After the Libor rigging scandal in 2012, authorities have sharpened their act, deeply scrutinizing company financial records, and implementing stricter regulations. This has led to a new investigation which has led European authorities to raid the offices of Shell, BP, and Statoil, in what is suspected to be one of the largest international actions since Libor. The Commission has "concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products."
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Eric Sprott: The Golden Answer To Chinese Import Data
Submitted by Tyler Durden on 05/12/2013 16:14 -0400
Manufacturing data in the last several months has suggested that economic growth around the world is slowing. However, China’s export growth surprised the market this week and unexpectedly accelerated in April, even as shipments to the U.S. and Europe fell. This has created a conundrum for analysts and market watchers. How can China be growing while the countries that purchase its exports are slowing? As we noted earlier, the numbers don’t add up. Many analysts have attributed China’s increasing imports as signs of a healthy manufacturing sector, or increasing investments in infrastructure and property. Our simple analysis shows that more than one third of the increase in imports is due to China’s increasing gold consumption. This new gold buying could have a significant impact on Chinese import statistics and force analysts to reconsider the strength of the Chinese domestic economy.
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Closing Ramp Sends S&P To Fresh Record Amid Cross Asset Chaos
Submitted by Tyler Durden on 05/10/2013 16:11 -0400
No news is the best news. Quite a week across every asset class dominated by the last two days as USDJPY broke 100 and seemingly all hell broke loose (apart from in stocks). Spikes in Treasury yields (10Y and 30Y +15bps on the week); a surging USD (+1.3%) driven by major JPY and AUD weakness (-2.75%) and the biggest drop in EUR in 6 weeks; Gold and Silver sold off hard (-3.5%) before bouncing back this afternoon ending -1.5% on the week; crude oil plunged but the Brent Vigilantes were not so easily beaten and ripped back above $96 and higher to close the week. Bond-like stocks (Utes) were hammered as high-beta cyclicals (homebuilders) ripped and while stock indices rolled over a little they remain near highs. It's not all sunshine and ponies though... credit markets drastically underperformed (playing catch down from an exuberant few days but sending a clear message to stocks) and the VIX curve steepened rather significantly around the Labor Day horizon - a date that represents desk chatter for "tapering" and debt ceiling drama to re-appear). S&P futures exhibited a spooky 15-min cycle zig-zag pattern this afternoon - in a totally human way... and average trade size was very low (algos) - right before the late-day ramp.
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Beware, The Brent Vigilantes Are Coming Back
Submitted by Tyler Durden on 05/08/2013 10:21 -0400
Back in February we introduced the world to their last best hope in controlling the largesse of the world's central bankers. The 'Brent Vigilantes' were shown to have taken over the mantle of the now totally-repressed and benign bond vigilantes (since deficits don't matter apparently). Each time retail gas prices have breached $3.80 in the past six years, the S&P 500 has crested (specifically the crossing of that threshold has seen P/E multiple expansion brought to a halt). With current gas prices around $3.53, we hear you cry, "what are you worried about?" Well, simply put, the answer lies in what is coming. Prices at the pump follow crude oil prices extremely closely with around a 30-day lag; the current WTI crude prices imply a price of gas at the pump around $3.80. So, if there is anything that can stop us from hitting 2,000 on the S&P 500 (or Dow 30,000), we suspect it is the 'tax' that gas prices represent and we now know what the trajectory of those prices is likely to be in the next few weeks.
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Grand Theft Market: High-Frequency Frontrunning CME Edition
Submitted by Tyler Durden on 05/01/2013 10:46 -0400
One of the New Normal responses to allegations, first started here in 2009 and subsequently everywhere, that all HFT does is to frontrun traditional market players (among many other evils) now that its conventional and flawed defense that it "provides liquidity" lies dead and buried, is that "everyone does it" so you must acquit because how can you possibly prosecute a technology that accounts for over 60% of all market volume and where if you throw one person in jail you would throw everyone in jail. Today we learn that this indeed may be the case, and not only at the traditional locus of HFT frontrunning such as conventional exchanges for stocks such as the NYSE or even dark pools, but at the heart of the biggest futures exchange in the US, the CME where as the WSJ's Scott Patterson explains frontrunning by HFT algos is not only a way of life, but is perfectly accepted and even smiled upon.
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Currency Positioning and Technical Outlook: Fundamentals Needed to Clarify Charts
Submitted by Marc To Market on 04/27/2013 08:15 -0400Overview of the price action in foreign exchange and outlook for the week ahead.
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Guest Post: "Peak Rail" – Has The Crude Shipping Train Left The Station?
Submitted by Tyler Durden on 04/26/2013 15:25 -0400
Some call it the “holy rail.” In Alberta Canada, an estimated 120,000 barrels of oil per day are shipped out by train to the U.S. east coast and Gulf coast region. By the end of the year - when several terminals are completed - that number could reach 200,000 barrels a day. Despite rail costs doubling pipeline tariffs, the logistics have often been worth the time for producers - those that have been able to get a better price railing it past the mid-continent refineries all the way to the US East Coast and Gulf Coast. But just as Canadian rail use is set to soar again, say analysts - rail may no longer be economic. In fact, rail could be a victim of its own success.
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Why the Western Banking Cartel’s Gold and Silver Price Slam Will Backfire - And How You Can Protect Yourself from the Blowback
Submitted by smartknowledgeu on 04/22/2013 05:27 -0400- American International Group
- Apple
- Australia
- Bank Failures
- Bank of America
- Bank of America
- Bank of New York
- Central Banks
- China
- Citigroup
- Commodity Futures Trading Commission
- Coxe Advisors
- Credit Line
- Crude
- Crude Oil
- default
- Deutsche Bank
- ETC
- European Central Bank
- Fail
- Federal Reserve
- Futures market
- Goldman Sachs
- goldman sachs
- Hong Kong
- India
- Jamie Dimon
- John Stumpf
- KIM
- Kool-Aid
- Krugman
- Lloyd Blankfein
- Main Street
- Merrill
- Merrill Lynch
- Morgan Stanley
- Obama Administration
- Paul Krugman
- Physical Settlement
- Precious Metals
- Prudential
- Purchasing Power
- Reality
- SmartKnowledgeU
- State Street
- Volatility
- Wells Fargo
- White House
Let's get down to the facts of the recent banker gold & silver paper price smash and the lies about the banker gold & silver paper price smash being propagated by the mass media and banking shills like Paul Krugman so everyone can understand why this smash will blow up in the face of the very bankers that executed it at some point down the road. Retail individuals AND global institutions all around the world are finally beginning to understand that physical ownership of gold and silver is how to counter banker fraud & intervention into the gold and silver markets and this realization is going to produce massive blowback.
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What Exactly Did Obama Say To Wall Street's CEOs Last Thursday?
Submitted by Tyler Durden on 04/18/2013 22:06 -0400
Correlation is not causation; but coincidence means you're on the right path. Looking at the charts of Stocks, Commodities, and Precious Metals, we wonder just what it was that President Obama said at his 11amET White House meeting last Thursday...
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The Soft Cost Curves Of Hard Assets: Where The Cash Flow Hits The Road
Submitted by Tyler Durden on 04/18/2013 11:38 -0400
Given the dramatic drops in gold and oil prices over the past few trading sessions, we thought it worth examining which miners and oil producers were most 'at risk' of generating negative cash flows at current and long-term prices. Goldman Sachs looks at 40 oil producers and 25 gold mines to create a complete 'cost curve' in terms of the best indication of what it actually costs to keep operations running. It is quite apparent that ~$85 Crude and ~$1150 Gold are key to the ongoing support for these industries.
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