Asia

Dispensing his usual dose of optimistic crude oil buzzkill, Bloomberg energy strategist Julian Lee points out something troubling to both OPEC, and those who are hoping that the latest dip in oil will finally lead to a sharp rally. He writes that while at first glance, this year’s diminishing U.S. oil stockpiles appear to support the notion OPEC is finally getting the global crude glut under control. Surging exports mean that the market should treat that idea with caution.

The Baltic Dry Index has retraced most of its 55% surge from March, yet the mild recovery in shipping fees since early last year appears to have revived appetite for a renewed wave of consolidation in the shipping space.

In a quiet overnight session, S&P 500 futures are fractionally in the green (2,426, +0.2%) with European and Asian stocks as oil drops second day after an initial ramp higher amid speculation that LIbya and Nigeria may be asked to cap their production. Nasdaq 100 Index are again higher, following the biggest daily advance in more than a week, up 0.4% as of 6:20 a.m. in New York.

Authored by Alex Gorka via The Strategic Culture Foundation,

Much has been said about the much vaunted trip of US President Donald Trump to Saudi Arabia where he was lavished with extravagant royal pomp. The $110 billion arms deal was signed and the plans to create an Arab NATO set the agenda. The visit – the president’s first foreign trip - was described as a major step to boost the US clout in the Middle East but the days when the region was Washington’s exclusive sphere of influence are gone.

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