Business

After last week's API (and subsequent DOE) inventory data sparked the latest hopeful pump higher in the energy complex, this week's API data disappointed. WTI and RBOB porices slipped lower after an unexpected crude build (+882k vs -2.67mm exp).

API

• Crude +882k (-2.67mm exp)
• Cushing -539k
• Gasoline -1.7mm (-1mm exp)
• Distillates +1.787mm

After last week's across the board inventory draws, Crude's build is a big surprise (the biggest since March)

Authored by Michael Snyder via The Economic Collapse blog,

Last week news emerged that as a result of the deteriorating local economy, coupled with a plunge in hedge fund profits, the capital of Connecticut - Hartford - was preparing for bankruptcy. Among the reasons cited by Department of Revenue Services Commissioner Kevin Sullivan was that wealthy people are “dramatically less wealthy than they were before.”

It turns out that, at least relatively speaking, he was correct.

Authored by Nick Cunningham via OilPrice.com,

Oil prices surged on Monday after Russia and Saudi Arabia said they support an extension of the OPEC/non-OPEC production cuts. Oil prices have clawed back a lot of the losses exhibited over the past month, with Brent now safely in the low-$50s and WTI on its way toward those levels.

Authored by Soren K. Group for Marketslant

Ray Dalio, Owner of the worlds largest hedge fund, Bridgewater Associates located in CT, made $1 billion last year. This is down from the $5 billion he made the year before. 

from Matt Levine's Money Stuff