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Oil Producer’s Currencies Are Collapsing As Brent Breaks Below $40
Oil Producer’s Currencies Are Collapsing As Brent Breaks Below $40 Not helped by weakness in China trade data, questions over global growth and inflation expectations are growing. Oil-exporting nations (and growth-linked currencies) are getting monkey-hammered… Just when traders thought the bottom was in… As Reuters notes, with lower oil prices likely to add to global deflationary […]
Economic growth: How it works; how it fails; why wealth disparity occurs
Economic growth: How it works; how it fails; why wealth disparity occurs Economists have put together models of how an economy works, but these models were developed years ago, when the world economy was far from limits. These models may have been reasonably adequate when they were developed, but there is increasing evidence that they don’t […]
Yes, Turkey IS Buying Oil from ISIS
Yes, Turkey IS Buying Oil from ISIS In response to Russia’s accusation that Turkey is buying oil from ISIS, the Turkish president said that – if that is proven to be true – he’ll resign. It turns out that Turkey is buying oil from ISIS. The Guardian reported this summer: US special forces raided the compound of an Islamic State leader in […]
One Chart Shows Where Oil Prices Could Be Headed
One Chart Shows Where Oil Prices Could Be Headed There’s a rare extreme in the oil sector right now… The oil-to-U.S. dollar ratio – which reflects the relationship between the price of oil and the dollar – is near its lowest point in almost seven years. When this ratio hit a low in 2009, the […]
Oil Prices Down As Storage Keeps On Filling Up
Oil Prices Down As Storage Keeps On Filling Up Happy Thanksgiving Eve! One hundred and forty-eight years to the day after Alfred Nobel patented dynamite, and the fuse has been lit for an explosion to the downside for the crude complex. After geopolitical tension was stoked yesterday, attention shifts back to oversupply today with the […]
Why “supply and demand” doesn’t work for oil
Why “supply and demand” doesn’t work for oil The traditional understanding of supply and demand works in some limited cases–will a manufacturer make red dresses or blue dresses? The manufacturer’s choice doesn’t make much difference to the economic system as a whole, except perhaps in the amount of red and blue dye sold, so it is […]
Presenting BofA’s “Number One Black Swan Event For The Global Oil Market In 2016”
Presenting BofA’s “Number One Black Swan Event For The Global Oil Market In 2016” We’ve spent quite a bit of time this year talking about Saudi Arabia’s rather precarious financial situation. To be sure, the move to artificially suppress crude prices has at least partly served the kingdom’s interests in terms of market share and […]
Carving up the Middle East
Carving up the Middle East QUESTION: Why did ISIS target France rather than Germany? Someone said it was France who created Syria. Is that really true? ANSWER: Germany is not actually a target in this chess game. It is one reason we selected Berlin for our conferences even compared to London since we had Panic […]
Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry
Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads […]
Grandmaster Putin’s Trap – 2
Grandmaster Putin’s Trap – 2 In December of last year we published an intriguing article by Dmitry Kalinichenko, “Grandmaster Putin’s Trap,” which has drawn far more attention from readers than we ever expected. It continues to be cited by many international political and economic experts. That article addressed Russia’s latent strategy to get rid of US bonds […]
As The World Rolls Over
As The World Rolls Over Brutal news is pouring in from pretty much everywhere. US retail sales are flat and wholesale prices are falling. Big retail chains are missing on earnings and seeing their shares plunge. Chinese nonperforming loans are soaring while imports, car sales and steel production are way down. Oil is flirting with […]
Oil Market Supply Imbalance Getting Worse, Not Better
Oil Market Supply Imbalance Getting Worse, Not Better Oil futures prices (WTI) plunged 12.5 percent this week from $47.90 on Friday, November 3 to $41.96 yesterday morning, November 11. The main reason is that the global supply imbalance is getting worse. The U.S. Energy Information Administration’s (EIA) latest report indicates that the world supply surplus (production minus […]
