Authored by Nick Cunningham via OilPrice.com,
After the nine-month extension of the OPEC deal, there is a growing consensus that oil might bounce around in the $50s and $60s for the rest of the year. But as we move into 2018 and beyond, there is a great deal of disagreement among analysts about what happens to oil prices.
One month ago we reported that according to Beacon Policy Advisors, a new name had emerged as potential replacement to Janet Yellen as head of the Federal Reserve: that of former Goldman COO and current Trump National Economic Council advisor Gary Cohn.
"The buzz among those who claim Cohn confides in them is that he would like to eventually replace" Yellen, assuming Trump decides to move in a different direction when the chair's term ends in early February, Beacon Policy Advisors said in a daily report for clients in late April.
Authored by John Mauldin via MauldinEconomics.com,
Sometime this year, world public and private plus unfunded pensions will surpass $300 trillion. That is not even counting the $100 trillion in US government unfunded liabilities. Oops.
These obligations cannot be paid. A time is coming when the market and voters will realize this.
What a total farce. After Market News International reproted a dismal 4-month low drop in Chicago PMI this morning which sparked a decent reality check drop in stocks, they decided to change their mind.
0945ET - U.S. MAY MNI CHICAGO REPORT BUSINESS INDEX AT 55.2; EST 57.0 - lowest since Jan 2017
1121ET - CORRECT: U.S. MAY MNI CHICAGO REPORT BUSINESS INDEX AT 59.4 - highest since Nov 2014.
And so stocks are rebounding.
Crude oil prices have retraced 50% of their pre-OPEC-deal hope rally and dropped back below $48 as JBC Energy reports OPEC compliance dropping to 92% in May from 96% in April.
Additionally, Bloomberg notes: OPEC-14 OUTPUT ROSE 370K B/D TO 32.5M B/D IN MAY: JBC ENERGY
“There continues to be considerable skepticism about the effectiveness of the production cuts,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report.