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Oil Rig Count Falls By 1 As Analyst Warns Permian Reserves Are Grossly Exaggerated

July 22, 2017 - 3:07am
Oil Rig Count Falls By 1 As Analyst Warns Permian Reserves Are Grossly Exaggerated

For only the second time in the last 27 weeks (and 4th in the last 56 weeks), the number of US oil rigs fell last week (down 1 to 764 rigs). There is a growing concern that the rising rig count has now outpaced the lagged response to pricing and is due to rollover further...

Notably the Canadian oil rig count rose by 12 last week.

Turkey Poised To Invade Syria's Idlib Province As Inter-Jihadist Violence Rages

July 22, 2017 - 1:15am
Turkey Poised To Invade Syria's Idlib Province As Inter-Jihadist Violence Rages

Two Salafi-jihadi factions in Syria's Idlib province have been engaged in a brutal inter-"rebel" (or rather inter-jihadist) war this week, prompting Turkey to prepare a potential invasion to protect its favored factions on the ground. On Thursday, Hay’at Tahrir al-Sham (HTS/Al-Qaeda) continued to capture towns in Idlib's countryside from rival Ahrar al-Sham and Turkish backed FSA groups after an uneasy truce between the rebel factions quickly collapsed days prior, causing the weaker Ahrar al-Sham to call in Turkish support.

US Urges All Nationals In North Korea To "Depart Immediately", Bans Tourists From Visiting

July 21, 2017 - 10:11pm

Dennis Rodman will be disappointed to learn that the US is set to ban all citizens from traveling to North Korea, according to two agencies that operate tours there. Koryo Tours and Young Pioneer Tours said the ban would be announced on 27 July to come into effect 30 days later, the BBC reported. "After the 30-day grace period any US national that travels to North Korea will have their passport invalidated by their government." The ban comes one month after US student Otto Warmbier died following his imprisonment by the Kim regime.

Euro Surges To 2-Year High In "Bipolar" Draghi Reaction; Futures Flat

July 21, 2017 - 8:38pm
Euro Surges To 2-Year High In "Bipolar" Draghi Reaction; Futures Flat

The euro's surge to an almost two-year high put a cap on the global market rally in Friday's quiet session, with most major exchanges consolidating after a second strong week of gains. The MSCI Asia-Pacific index declined for first time in ten days while the European Stoxx 600 index was fractionally in the green as were US equity futures ahead of earnings reports from General Electric, Honeywell, Schlumberger and others. Oil gained with Brent flirting with $50, zinc rallied along with most base metals.

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