WTI Dives Back Below $67 After Surprise Crude Build

WTI continued in its rangebound mode (slightly weaker into tonight’s print) but slumped back below $67 tonight after API reported a surprise crude build.   API Crude +3.66mm (-2.5mm exp) Cushing +1.64mm  (+500k exp) Gasoline _1/56mm Distillates +1.94mm The last few weeks have seen crude…

Iran Protest Deaths Reported Ahead Of Monday’s Renewed Sanctions

As we predicted last week, protests have continued across multiple Iranian cities through the weekend fueled by general dissatisfaction over a collapsing economy, runaway inflation, and a sharp hike in prices on imported products, all of which has made life miserable for many Iranian citizens. However, it…

In Angry Tweetstorm Trump Escalates Attack On Media: “They Can Also Cause War”, Claims US Winning Trade War With China

Trump started off his Sunday early with a tweetstorm that continued his spirited defense of trade war with China from the previous day, claiming his rising tariffs on other nations are “working big time,” vowing to tax any nation that doesn’t manufacture its products in…

A Record Number Of 85-Year-Old Americans Are Still Working

As we saw with Friday’s jobs report, the booming US economy has continued to draw in workers from “the sidelines” – ie people who weren’t actively looking for work and were considered to be “out” of the workforce – as the participation rate has ticked…

Stocks Pop On Trade-War Ceasefire Hopes, Yield Curve Crushed As ‘Policy Error’ Looms

Just seemed appropriate… China stocks continued their rout overnight…   European Auto stocks soared today on the heels of an unsubstantiated report on zero tariffs from a German paper…   US Equities also gained on the day – on hopes that trade war talks with…

China Quietly Approaches US To De-escalate Trade War

As fears about an escalating trade war have continued to hammer stocks on Thursday, now that Daimler has become the first company to slash guidance blaming the trade spate between the US and China for its poor forecast (who knows what the real cause is),…

Italian Bonds Tumble, Triggering Goldman “Contagion” Level As Political Crisis Erupts In Spain

When it comes to the latest rout in Italian bonds, which has continued this morning sending the 10Y BTP yield beyond 2.40%, a level above which Morgan Stanley had predicted fresh BTP selling would emerge as a break would leave many bondholders, including domestic lenders…

China Gold Demand Off To Hot Start

Via GoldTelegraph.com, It looks to be another boom year for gold. Investors are anticipating a continued demand for the precious metal for the fifth year in a row, driven by geopolitical uncertainties and less-than-strong predictions for the U.S. economy and the U.S. dollar in 2019. In times…

“This Is As Bad As It Gets” – Magma Flowing From Hawaii’s Kilauea Forces Thousands To Flee

After first erupting on Thursday, Hawaii’s Kilauea volcano has continued to send molten magma up through the eight fissures that have now opened up in the ground in a part of Hawaii that is home to several ritzy neighborhoods, including the tony Leilani Estates, where…