In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt.
After a brief hiatus during which central banks refrained from stimulating their economies by the only way they know how, i.e., devaluing their currency through monetary policy, moments ago Singapore broke ranks when its central bank, the Monetary Authority of Singapore, unexpectedly eased monetary policy and drew a line against further appreciation when it announced that it would move to zero-percent appreciation in its currency.
Submitted by Wim de Vriend via OilPrice.com,
The LNG Glut and the Golden Age of Gas, Part 1
‘Where are all the LNG postponements?’ was the puzzled, plaintive warning heard from Oil & Gas experts Wood Mackenzie last September. Besides the new Australian and American terminals preparing to ship out well over 100 Mtpa (Million tones per annum), of LNG, a second wave that size was making its way through the permitting process.
Bilal Saab makes the case for a more precise use of the term ally:
The word “ally” is used far too casually in Washington’s Middle East lexicon. It’s time to break this bad habit, because the truth is that with the exception of Turkey—a NATO member—the United States does not share a single alliance with any Middle Eastern country.
"It may be the world's biggest traffic jam."
- Reuters
Last week we revealed what we thought was a "shocking photo" of nearly 30 oil tankers caught in a traffic jam off the Iraqi coast, an indication of just how much excess oil is currently parked offshore.