US Rig Count Rise Continues As Crude Production Hits 20-Month Highs

April 29, 2017 - 3:03am
US Rig Count Rise Continues As Crude Production Hits 20-Month Highs

From the May 2016 lows, the number of US oil rig counts have only declined 3 times and this week was no exception. Up for its 15th week in a row (+9 to 697), its highest level since April 2015, the rig count continues to pull US crude production higher, stymying OPEC efforts at balance, leaving the bullish case for oil fading fast.

Biggest Inflows Into European Stocks Since 2015, Just As The Economic Pullback Begins

April 29, 2017 - 2:43am
Biggest Inflows Into European Stocks Since 2015, Just As The Economic Pullback Begins

Forget the "great rotation" out of bonds into stocks: 6 months into the so-called reflation trade, which so many strategists predicted would unleash a new era of euphoric stock buying driven by bond sales, it just isn't happening; in fact bonds have seen fund inflows on 17 of the last 18 weeks. Instead, two other "great rotations" have emerged: one out of "active management" into passive, or hedge funds to ETFs, while the other - more recent one - is out of various asset classes and into Europe.

Bubble Alert: Stocks Are Trading Based on Accounting Gimmicks and Fraud, Not Growth

April 29, 2017 - 2:33am
Bubble Alert: Stocks Are Trading Based on Accounting Gimmicks and Fraud, Not Growth

Time to bust yet another hole in the “stocks are cheap” argument.
As we’ve already noted earlier this week, based on the only valuation metric that can’t be massaged, stocks are more expensive than they were in 2007 and on their way to tying the all-time high established in 1999.

Source: The King Report

Why The Crude Rally Has Fizzled - Part 3 (Of 3)

April 29, 2017 - 2:27am
Why The Crude Rally Has Fizzled - Part 3 (Of 3)

Authored by James Bambino via Platts blog,
This is the third and final segment of a three-part look at why oil prices have failed to rally despite OPEC’s best efforts at managing supply cuts. Not only have prices failed to rally, both NYMEX WTI and ICE Brent have fallen around 9% over the past three weeks. In case you missed them, be sure to read part 1 and part 2.
Refiners do what is in their best interest, too.

Government Shutdown Averted For 7 Days: Senate Passes Stopgap Spending Bill

April 29, 2017 - 2:11am

One hour after the House of Representative passed the a stopgap spending bill in a 382-30 vote, moments ago the US Senate likewise voted the measure through; the bill which gives the government a week before this specatcle has to be repeated again unless a full spending bill is enacted, now goes to Trump for signing later today. 
The Senate's low-drama vote came after Senate Minority Leader Chuck Schumer (D-N.Y.) blocked a deal on passing the stopgap measure over concerns about the remaining hurdles in the larger deal.

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