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Canadian Stocks in Bear Market, Loonie Swoons, Crude Crashes to $16, Consumer & Business Confidence Dives…
Canadian Stocks in Bear Market, Loonie Swoons, Crude Crashes to $16, Consumer & Business Confidence Dives… “Investment and hiring intentions lowest since 2009”: Bank of Canada Since Christmas Eve, the Toronto Stock Exchange index has dropped every single day, 10 trading days in a row, including so far today as I’m writing this, the longest […]
WTI Slides After API Reports Massive Build In Gasoline & Distillate Inventories
WTI Slides After API Reports Massive Build In Gasoline & Distillate Inventories With the seasonally drawdown-prone December completed, we begin seasonally build-prone January with expectations for a 2mm barrel build. However, according to API, both total and Cushing inventory levels tumbled (-3.9mm and 300k respectively). Great news – so why is crude tumbling? Simple – massive […]
Chart Of The Day: Canadian Heavy Crude Falls To $19.81—–Down From $100 In 2011
Chart Of The Day: Canadian Heavy Crude Falls To $19.81—–Down From $100 In 2011
For Commodities, This Is The Next Great Depression
For Commodities, This Is The Next Great Depression While the “sell in 1973, and go away” plan had worked out for some in the commodity space, the destruction of the last decade has only one historical comparison… the middle of The Great Depression. The 10-year rolling annualized return for commodities is -5.1% – the lowest since 1938… During the same period […]
Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal
Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal On Monday, we brought you “Saudi Default, Devaluation Odds Spike As Mid-East Careens Into Chaos,” in which we outlined the jump in riyal forwards and widening of CDS spreads that Riyadh witnessed in the aftermath of the kingdom’s move to […]
WTI Crude Plunges To $34 Handle After Record Gasoline Inventory Build
WTI Crude Plunges To $34 Handle After Record Gasoline Inventory Build Following last night’s API-reported large draw in overall crude inventories (year-end and exports driven), DOE reports a 5.09mm draw (more than expectations of a 4.1mm draw but less than API’s 5.6mm draw). However, Cushing inventories rose for the 9th week in a row (+917k) and more troubling […]
It’s On: Saudis Sever Diplomatic Ties With Iran, Will Confront Iranian “Hostility”
It’s On: Saudis Sever Diplomatic Ties With Iran, Will Confront Iranian “Hostility” Earlier today, as Iranian police struggled to disperse protesters gathered outside the Saudi consulate in Mashhad, we said the following about the rapidly deteriorating situation: If crude needed an excuse to rally, then surely this is it as it now appears that in addition to […]
Oil Spike Risk: Iran Police Use Water Cannon On Angry Protesters Near Saudi Consulate
Oil Spike Risk: Iran Police Use Water Cannon On Angry Protesters Near Saudi Consulate Despite official pleas for “calm” following the death of prominent Shiite cleric Nimr al-Nimr, Iranians are in no mood to stand down. Perhaps the Ayatollah’s calls for “divine vengeance” have incited a riot or perhaps the Shiite world has simply had […]
Stunning Drone Footage Of The Midwest Flooding Wreaking Havoc On US Oil
Stunning Drone Footage Of The Midwest Flooding Wreaking Havoc On US Oil After the first deadly winter storm this season, now come the floods: the near-record water level across the U.S. Midwest has disrupted everything from oil to agriculture, forcing pipelines, terminals and grain elevators to close. This is the worst flood in the region since […]
Protesters Storm, Set Fire To Saudi Embassy In Iran
Protesters Storm, Set Fire To Saudi Embassy In Iran Earlier today, Saudi Arabia announced it had staged its largest mass execution in 25 years. 43 al-Qaeda conspirators were killed along with 4 Shiites accused of shooting policemen in the anti-government protests which broke out during the Arab Spring. Among the Shiites killed: prominent cleric Nimr al-Nimr. His death […]
Bank of Montreal Asks If “Oil Prices Could Collapse To $20”; Answers: “Yes”
Bank of Montreal Asks If “Oil Prices Could Collapse To $20”; Answers: “Yes” When looking at the price of oil in 2015, Canada’s Bank of Montreal admits it was wrong. Very, very wrong. In our “2015 Year Ahead” report we laid out three plausible scenarios: (1) our base case, which forecast Brent crude oil prices […]
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns “Two things become clear in an analysis of the financial health of US hydrocarbon production: 1) the sector is not at all homogenous, exhibiting a range of financial health; 2) some of the sector indeed looks exposed to distress [and] lifelines […]
This Is Canada’s Depression: Surging Crime, Soaring Suicides, Overwhelmed Food Banks “And The Worst Is Yet To Come”
This Is Canada’s Depression: Surging Crime, Soaring Suicides, Overwhelmed Food Banks “And The Worst Is Yet To Come” Back in March, we brought you “Drugs, Prostitution, Violence Plague Oil Boom Towns Gone Bust,” in which we detailed the plight of towns like Sidney and Bainville, Montana, where the slump in oil revenue has made it […]
“Canadians Should Be Concerned” As Energy Sector Job Losses Spike To 100,000 This Year
“Canadians Should Be Concerned” As Energy Sector Job Losses Spike To 100,000 This Year It’s grim up north… and getting grimmer. Amid soaring suicide rates, Canada’s once-booming oil patch is rapidly accelerating its downward trajectory. “Canadians should be concerned in times like these,” warned Tim McMillan, president and chief executive of the Canadian Association of Petroleum Producers, noting […]
“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails
“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails In late October, we noted that for the second time this year, Russia overtook Saudi Arabia as the biggest exporter of crude to China. Russia also took the top spot in May, marking the first time in history that Moscow beat out […]
