WTI crude prices managed to scramble back up to pre-API-tumble levels ahead of DOE's data dump this morning with all eyes on gasoline inventories, which did not disappoint showing a small draw (in line with expectations) along with crude's draw which was roughly in line with API and expectations. Production continues to rise to highest since July 2015.
API
When last night we previewed this week's annual Jackson Hole symposium at which Mario Draghi is scheduled to speak just before the market close on Friday, we said that the ECB head is warming up for the trip by speaking at the Lindau economics symposium in Germany this morning "and as such he could front run himself." Unfortunately for many who were expecting some advance highlights, Draghi disappointed those who hoped he would preview his Jackson Hole appearance.
By Bill Blain of Mint Partners
Blain's Morning Porridge
Provident Financial. What a mess. Is it an opportunity?
Stocks are rapidly erasing yesterday's "making strides on taxes" gains as Trump's government shutdown threats remind investors just how fragile this whole facade is. The 'risk-off' trade is evident everywhere with Treasury and Bund yields tumbling, gold up, and USDJPY sliding.
Bond yields are tumbling - erasing all of yesterday's losses - Gold is back at yesterday's highs, and the dollar is leaking lower...
Global Financial Crisis 10 Years On: Gold Price Rise Over 100%
– Gold price up over 100% in major currencies since financial crisis– Gold up 100% in dollars, 124% in euros and surged 200% in sterling – Gold has outperformed equity, bonds and most assets– Gold remains an important safe-haven in long term
Gold prices from August 9th 2007 to August 9th 2017