fbpx

oil demand

COT Black: Closing In On Mid-September, What About Oil?

By |2020-09-08T17:59:49-04:00September 8th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

According to the US Energy Information Administration (EIA), crude oil production fell below 10 mbpd during the final week of August 2020. Hurricane Laura had looped through the Gulf of Mexico, forcing the widespread shutting down of drilling and pumping activity throughout the offshore oil patch. It was the first time total American crude supply had dropped below that level [...]

It’s Truly Nothing Like It Was Supposed To Be

By |2016-10-24T17:47:00-04:00October 24th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Earlier this year it was reported that a great many OPEC nations were on track to repay China in oil rather than “dollars.” Reuters had calculated that between $30 and $50 billion of prior loans were to be closed out via each country’s crude capacities. As the price of the black stuff has dropped, however, that leaves them with little [...]

When ‘Dollar’ Retreat Looks Like Recovery, You Know The World Is Upside Down

By |2016-06-08T18:53:47-04:00June 8th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It makes for yet another huge dichotomy, but one which is curiously absent from any mainstream commentary. As noted earlier today, Chinese imports were pleasantly surprising for the mainstream as they were just about flat year-over-year. The fact that oil imports surged by nearly 40% seemed only to confirm that whatever might be happening on the export side (another dichotomy [...]

Converting Into The (So Far) Broken Correlation

By |2016-05-27T17:12:13-04:00May 27th, 2016|Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Chinese exchange rate has traded lower for five consecutive days, and aside from essentially no change last Friday would have been eight in a row. That contrasts with the downward pattern that existed ever since the turn in mid-April where only the general direction was down in not so much a straight line. The slope isn’t dramatic, but it [...]

Crude and Crude China Financials

By |2016-03-09T17:19:35-05:00March 9th, 2016|Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Crude oil prices in the US have jumped back up to above $38 again, leading various financial correlations toward much less depressing interpretations (chiefly stocks). That in turn has allowed the proliferation of the “it’s all over” narrative despite fundamental accounts that continue to suggest otherwise. Being the sharpest rally in WTI since really last April, these reflections appear to [...]

Physical Crude Demand Backs Fed’s IP Estimates, Not Fed’s Economic Outlook

By |2015-12-16T18:02:36-05:00December 16th, 2015|Commodities, Economy, Federal Reserve/Monetary Policy, Markets|

Like industrial production, the condition of oil inventory in the US was updated today in contradiction of the expectations driving Federal Reserve models expecting “transitory” weakness to simply pass into history. Unlike the virtual conditions for the FOMC, crude oil markets are obliged to respect both the eurodollar and the physical realities of physical commodities. Last week, the US EIA [...]

First IMF, Then Yellen, Now Oil Downgrades the Economy

By |2015-07-10T16:41:01-04:00July 10th, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

With a lull in Greek information and general craziness, as well as China essentially shutting down its stock exchange (no longer much as far as exchange) “dollar” pressure has abated. That is obvious in the treasury market which has seen a retracement in yields without collateral calls, but also somewhat in the related commodities. Copper prices are back up to [...]

Go to Top