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“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down
“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on the world despite the protests of its fellow cartel members, oil […]
Oil Price Crash Was Inevitable
Oil Price Crash Was Inevitable The oil price crash was inevitable. To understand why we have to review a bit of history. In 2013, I began warning of the risk to oil prices due to the ongoing imbalances between global supply and demand. Those warnings fell on deaf ears. Nobody wanted to pay much attention […]
‘We Need Water Before Oil’: Kenyan Communities Scarred by Chinese Oil Exploration
‘We Need Water Before Oil’: Kenyan Communities Scarred by Chinese Oil Exploration The repeated honking of a speeding Tawakul shuttle announces the return of travellers to Merti from distant towns at dusk. It also marks the close of another searing and slow day in this part of northern Kenya. Idling villagers’ faces are suddenly lit by […]
Overcapacity / Oversupply Everywhere: Massive Deflation Ahead
Overcapacity / Oversupply Everywhere: Massive Deflation Ahead The price of a great many assets will crash, out of proportion to the decline in demand. Oil is the poster child of the forces driving massive deflation: overcapacity / oversupply and a collapse in demand. Overcapacity / oversupply and a collapse in demand are not limited to the […]
Slash Oil Output Or Else! Senate Bill Would Remove US Troops From Saudi Arabia In 30 Days
Slash Oil Output Or Else! Senate Bill Would Remove US Troops From Saudi Arabia In 30 Days A new bill has been introduced in the Senate which if passed would punish Saudi Arabia over failure to cut oil production by removing all US troops from the kingdom within 30 days. Sen. Bill Cassidy (R-LA) introduced it […]
In Late Thriller, OPEC Production Cut Deal Collapses After Mexico Gives Crown Prince The Finger
In Late Thriller, OPEC Production Cut Deal Collapses After Mexico Gives Crown Prince The Finger Earlier today we reported that following a dramatic objection to the OPEC+ production cut which was agreed upon by Russia and Saudi Arabia (but few other OPEC members), Mexico had initially threatened to quit OPEC as it refused to comply with the […]
Oil Surges On Report China Buying For Strategic Reserve, Hopes For Saudi-Russia Truce
Oil Surges On Report China Buying For Strategic Reserve, Hopes For Saudi-Russia Truce Oil surged as much as 13% this morning following a report that China is planning to start buying cheap crude for its strategic reserves, as well as speculation that President Trump said he thought Saudi Arabia and Russia would resolve their differences […]
WTI Extends Losses After Biggest Crude Build Since 2016
WTI Extends Losses After Biggest Crude Build Since 2016 After its worst quarter ever, as COVID-19 lockdowns crushed demand, raising fears about overflowing storage tanks amid a price war that has flooded the market with extra supply, all eyes are glued to today’s official inventory data (after API reported a major surprise build in crude and […]
‘Texas Miracle’ “On Ice For Time Being” As Crude-Carnage & COVID-Chaos Double-Whammy Strikes Lone-Star State
‘Texas Miracle’ “On Ice For Time Being” As Crude-Carnage & COVID-Chaos Double-Whammy Strikes Lone-Star State West Texas Intermediate (WTI) spot prices plunged 7.5% to the 19-handle on Sunday evening, hitting lows not seen since 2002. WTI has crashed 70% in the last 56 trading sessions amid the COVID-19 crisis triggering a demand bust across the world. As […]
After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build
After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build After its worst quarter ever, as COVID-19 lockdowns crushed demand, raising fears about overflowing storage tanks amid a price war that has flooded the market with extra supply, all eyes are glued to new inventory data as Standard Chartered analysts, including Emily Ashford warned in […]
“This Is The Largest Economic Shock Of Our Lifetimes”: Goldman Sees Negative Prices Amid Oil Devastation
“This Is The Largest Economic Shock Of Our Lifetimes”: Goldman Sees Negative Prices Amid Oil Devastation Over the weekend, we reported that with the oil industry oversupplied by a mindblowing 20 million barrels daily as roughly 20% of total global output ends up unused in a world economy that has ground to a halt, and instead has to be […]
The World Is Awash in Oil, False Assurances, Magical Thinking and Complacency as Global Demand Careens Toward a Cliff
The World Is Awash in Oil, False Assurances, Magical Thinking and Complacency as Global Demand Careens Toward a Cliff This collapse of price will manifest in all sorts of markets that are based on debt-funded purchases of desires rather than a warily prudent priority on needs. Since markets are supposed to discover the price of excesses and scarcities, […]
Garbage-In, Garbage-Out – Uncertainty Goes Viral As Baltic Dry Crashes Near All-Time Low
Garbage-In, Garbage-Out – Uncertainty Goes Viral As Baltic Dry Crashes Near All-Time Low Uncertainty Let’s revisit the chart from Friday’s T-Report where we examine stocks, bonds, and oil. Oil Didn’t Buy into the Bounce At the start of the week, stocks retraced all of their coronavirus losses, but treasuries only retraced a portion and commodities […]
How Much Human Labor Equals One Gallon Of Gasoline?
How Much Human Labor Equals One Gallon Of Gasoline? Most people are amazed to discover the enormous amount of energy contained in a gallon of gasoline. However, this isn’t surprising because the public seems to take for granted the ENERGY that drives the entire economy, especially oil. And, oil is the most crucial energy supply […]
How the US Wages War to Prop up the Dollar
How the US Wages War to Prop up the Dollar At Counterpunch, Michael Hudson has penned an important article that outlines the important connections between US foreign policy, oil, and the US dollar. In short, US foreign policy is geared very much toward controlling oil resources as part of a larger strategy to prop up the US dollar. […]
