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“I’ll Go Full Power If There’s No Agreement” – Kuwait Breaks OPEC Production Freeze
“I’ll Go Full Power If There’s No Agreement” – Kuwait Breaks OPEC Production Freeze Back in late February, when crude prices had just hit a 13 year low, one catalyst unleashed a furious short-covering rally: a WSJ report which cited a delayed SkyNews interview with the UAE energy minister, according to which OPEC would freeze, […]
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move […]
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices One week ago, we reported that even as traders were focusing on the daily headline barrage out of OPEC members discussing whether or not they would cut production (they won’t) or merely freeze it (at fresh […]
G-20 Needs To “Man Up” Or Risk Sparking Market Chaos, Citi Warns
G-20 Needs To “Man Up” Or Risk Sparking Market Chaos, Citi Warns Two days ago, the man who now signs your Federal Reserve notes threw cold water on hopes for a so-called “Shanghai Accord.” Over the past month or so, anticipation has built among market participants for some manner of coordinated policy response at this weekend’s G20 summit […]
Citi: “We Have A Problem”
Citi: “We Have A Problem” In his latest must read presentation, Citigroup’s Matt King continues to expose and mock the increasing helplessness and cluelessness of central bankers, something this website has done since 2009 knowing full well how it all ends (incidentally not in a deflationary whimper, quite the opposite). Take Matt King’s September 2015 piece in which he […]
JPMorgan Just Sounded a $500 Million Alarm Bell On America’s Dying Oil Patch
JPMorgan Just Sounded a $500 Million Alarm Bell On America’s Dying Oil Patch Back on January 14, we noted that JPMorgan did something they haven’t done in 22 quarters: the bank increased its loan loss provisions. The “reserve build of ~$100mm [is] driven by $60mm in Oil & Gas and $26mm in Metals & Mining within […]
First Iran, Now Iraq Refuses To Commit To Oil Production Freeze
First Iran, Now Iraq Refuses To Commit To Oil Production Freeze For all the euphoria about the proposed OPEC oil production freeze deal, the reality is that nothing has been actually decided. As readers will recall, the only “decisions” agreed to between the Saudi and Russian oil ministers were to cap production at already record […]
50% Of Canadians Say They Are Within $200/Month Of Being Unable To Pay Their Bills
50% Of Canadians Say They Are Within $200/Month Of Being Unable To Pay Their Bills It was just last month when we profiled Canada’s “other problem”: record high household debt. Canada is struggling to cope with falling crude prices which have put enormous amounts of pressure on some parts of the country, most notably Alberta, where suicide […]
One Third Of Energy Companies Could Go Bankrupt Deloitte Warns As Credit Risk Hits Record High
One Third Of Energy Companies Could Go Bankrupt Deloitte Warns As Credit Risk Hits Record High At 1600bps, the extra yield investors are demanding to take on US energy credit risk has never been higher. However, if a new report from Deloitte proves true, this is far from enough as they forecast roughly a third of oil producers […]
Why Tomorrow’s “Secret” Meeting Between Russian, Saudi Oil Ministers Will Not Lead To A Cut In Production
Why Tomorrow’s “Secret” Meeting Between Russian, Saudi Oil Ministers Will Not Lead To A Cut In Production For the past two weeks recurring flashing red headlines of an agreement, or at least a meeting, between Russia and Saudi Arabia – the world’s two largest oil producers – have led to aggressive short-covering rallies in oil […]
Moments After Oil Crashes To 12 Year Lows, “OPEC Headline” Sends It Surging Again
Moments After Oil Crashes To 12 Year Lows, “OPEC Headline” Sends It Surging Again Seconds after Oil hit the lows and NYMEX closed – and S&P broke the critical 1812 level, this hit: *OPEC READY TO COOPERATE ON CUT, UAE ENERGY MIN SAYS: WSJ Here is the source: Summer Said ✔@summer_said OPEC is ready to […]
The Most Ominous Warning That Oil Storage Is About To Overflow Has Arrived
The Most Ominous Warning That Oil Storage Is About To Overflow Has Arrived It was just last week when we said that Cushing may be about to overflow in the face of an acute crude oil supply glut. “Even the highly adaptive US storage system appears to be reaching its limits,” we wrote, before plotting Cushing capacity […]
Why Markets Are Crashing: “Faith In Central Banks Fails”
Why Markets Are Crashing: “Faith In Central Banks Fails” While Citigroup’s Eric Lee thinks its “ridiculous” to talk fo a US recession, it appears the macro data and markets would strongly disagree: as Bloomberg reports: Signals by central banks from Europe to Japan that additional stimulus is at the ready are failing to ease investor […]
