Business

   "I've been coming to Singapore once a year for the last 15 years, and flying in I have never seen the waters so full of idle tankers,"

   - Senior European oil trader a day after arriving in the city-state.

Back in November, when the world-record crude inventory glut was still in its early innings, we showed what we then thought was a disturbing image of dozens of oil tankers on anchor near the US oil hub of Galveston, TX, unwilling to unload their cargo at what the owners of the oil thought was too low prices.

A few months ago, we reported the incredible story of how hackers stole $100 million from Bangladesh Central Bank by way of the New York Federal Reserve. Now, thanks to a little noticed lawsuit, details are emerging that hackers had initially stolen another $12 million from a bank in Ecuador, Banco del Austro, although the bank was able to get back about $2.8 million of the stolen money.

Submitted by Eugen von Bohm-Bawerk via Bawerk.net,

Single-family existing home sales rose just 0.6% MoM in April with The South and The West regions seeing notable declines in sales (down 2.7% and down 1.7% respectively). What saved the headline priont was a 10.3% surge in Condo sales - among the best monthly spikes since the crisis helped by a spike in sales in The Midwest - where prices are most affordable.

Condos saved the day:

While supply of single-family homes is rising, the demand was again all on condos:

The median price of existing homes:

Earlier this week, Goldman unleashed the latest oil rally when it admitted that while the oil market will take far longer to rebalance due to rising low-cost oil production, it said that material supply disruptions are providing a boost to near-term prices. Goldman provided the following visualization of unplanned ongoing outages ...

... where it highlighted the recent stoppages in Canada, Nigeria and Libya as the most prominent.