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BP’s Stunning Warning: “Every Oil Storage Tank Will Be Full In A Few Months”
BP’s Stunning Warning: “Every Oil Storage Tank Will Be Full In A Few Months” 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 […]
Deutsche Bank Is Scared: “What Needs To Be Done” In Its Own Words
Deutsche Bank Is Scared: “What Needs To Be Done” In Its Own Words It all started in mid/late 2014, when the first whispers of a Fed rate hike emerged, which in turn led to relentless increase in the value of the US dollar and the plunge in the price of oil and all commodities, unleashing […]
North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse
North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse Yesterday, on the way to documenting the malaise China’s hard landing has inflicted on Minnesota’s mining country, we discussed the dramatic impact falling crude prices have had on the American and Canadian oil patches. Take Texas, for instance, where a year of crude carnage has wreaked havoc […]
Vancouver Real Estate Goes Full-Retard; Average Home Price Now $1.8 Million
Vancouver Real Estate Goes Full-Retard; Average Home Price Now $1.8 Million Last week we identified a “bargain” in Canadian real estate. As you might recall, the Canadian economy is in a bit of a tailspin, and that goes double for the country’s dying oil patch. Indeed, we’ve documented Alberta’s painful experience with slumping crude exhaustively, noting that […]
Global Trade Collapsed In January: Bellwether South Korea Exports Crash “Most Since Lehman”
Global Trade Collapsed In January: Bellwether South Korea Exports Crash “Most Since Lehman” As the first major exporting nation to report each month, all eyes and hopeful speculative capital was glued to tonight’s South Korean trade data. After a brief respite in November, December’s drop was worrisome, but January’s just reported 18.5% crash – the most […]
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up Having urged “don’t panic” just 4 short months ago, it appears Nigeria just did just that as the global dollar short squeeze forces the eight-month-old government of President Muhammadu Buhari to beg The World Bank and African Development Bank for $3.5bn in […]
Alberta Loses Most Jobs In 34 Years As Oil Crunch Cripples Labor Market
Alberta Loses Most Jobs In 34 Years As Oil Crunch Cripples Labor Market Times are tough in Alberta and to be sure, we’ve piled it on heavy when it comes to cataloguing the long list of pitiable outcomes that have accompanied crude’s steep slide. The province is at the center of Canada’s dying oil patch […]
Oil Crash Only The Tip Of The Iceberg
Oil Crash Only The Tip Of The Iceberg We may be enjoying amazingly low prices at the gas pump, but as oil prices continueing to slide we must also remember the catastrophic events that have followed almost every drastic oil price slump in the past. At this point, it’s not likely a question of ‘if’, […]
Weekly Commentary: Draghi Ready to Fight
Weekly Commentary: Draghi Ready to Fight A few Friday Bloomberg headlines: “Asian Stocks Jump by Most in Four Months on Stimulus Speculation;” “Japanese Stocks Surge by Most in Four Months as Bears Retreat;” “Hong Kong Dollar Jumps Most in 12 Years as Global Stocks Rally.” It was quite a week. Back in early December I […]
Risk Premium Returns To Oil Markets As Geopolitical Tensions Rise
Risk Premium Returns To Oil Markets As Geopolitical Tensions Rise Geopolitical risk premiums are likely to return to oil markets as the possibility of an attack on a large petroleum facility grows significantly amid rising tensions in the Middle East, possibly putting a floor on prices. “The risk of an attack is greater than 50pc, which […]
Attention Finally Turns To Saudi Arabia’s “Secret” US Treasury Holdings
Attention Finally Turns To Saudi Arabia’s “Secret” US Treasury Holdings In November of 2014, we announced the quiet death of the petrodollar. The system which underwrote decades of dollar dominance and kept a perpetual bid under USD assets met an untimely demise when the Saudis moved to bankrupt the US shale complex by deliberately suppressing oil prices. […]
Maduro “Wake Up” Call For OPEC As Venezuela Crude Crashes To 13 Year Lows
Maduro “Wake Up” Call For OPEC As Venezuela Crude Crashes To 13 Year Lows Venezuela’s crude oil basket price collapsed to as low as $20.20 yesterday, according to the socialist utopia’s President Maduro. Having already “passed the point of no return,” Maduro rages that OPEC producers appear to be “finally waking up” to what they have unleashed […]
The Birth Of The PetroYuan (In 2 Pictures)
The Birth Of The PetroYuan (In 2 Pictures) Give me that!! It belongs to the Chinese now! h/t @FedPorn As we previously detailed, two topics we’ve deemed critically important to a thorough understanding of both global finance and the shifting geopolitical landscape are the death of the petrodollar and the idea of yuan hegemony. In November […]
Canada’s “Other” Problem: Record High Household Debt
Canada’s “Other” Problem: Record High Household Debt Earlier today, the Bank of Canada surprised some market participants by failing to cut rates. True, the loonie was plunging and another rate cut might very well have accelerated the decline, further eroding the purchasing power of Canadians who are already struggling to keep up with the inexorable rise […]
