Authored by Tsvetana Paraskova via OilPrice.com,
The recent drop in oil prices, which has almost wiped out the price gains since OPEC announced its supply-cut deal, is coming just ahead of the spring season when banks are reassessing the credit lines they are extending to support drillers’ growth plans.
WTI and RBOB prices have drifted higher after modest weakness following API's inventory data overnight and then spiked after DOE reported a smaller than expected crude build, and bigger than expected gasoline and distillate draws. Following the lage rig count data, US crude production rose once again to its highest since Feb 2016.
API
DOE
Another day, another hedge fund casualty.
According to Bloomberg, Eyck Capital Management, a hedge fund started by Khing Oei in 2013 after he left Halcyon Asset Management, is returning capital to investors, just days after Eric Mindich, founder of $7 billion Eton Park, said last week it would also return client money after “disappointing” results last year.
With new home sales jumping and existing home sales dumping, pending home sales broke the tie this morning with a massive beat (up 5.5% MoM vs 2.5% expectations). NAR's Larry Yun blames the surge in demand on higher stock market prices, warm weather, and fears of higher interest rates.
Midwest saw the biggest bump - after a big drop in Jan...
Authored by Charles Hugh-Smith via OfTwoMinds blog,
Those benefiting from these destructive "solutions" may think the system can go on forever, but it cannot go on when every "solution" becomes a self-reinforcing problem that amplifies all the other systemic problems.