With WTI/RBOB prices tumbling to 7-month lows intraday (not helped by Libya production), oil bulls hope for a bounce after API is not coming true despite a bigger than expected crude draw, both gasoline and distillates saw notable builds and oil prices could not make their mind up.
API
Authored by Duane Norman via Free Market Shooter blog,
In spite of low volumes, US stock markets made fresh all-time highs today:
The Dow Jones industrial average rose about 140 points and hit intraday and closing records, surpassing a previous all-time high of 21,391.97, which was set last week.
Tough day for some...
A bloodbath in the oil patch as WTI entered a bear market, hit a $42 handle and tumbled to the lowest levels since Nov 2016...
The pain of oilmageddon is beginning to strike credit markets once again...
Earlier today, we showed once again - this time with Citi's assistance - why the global credit impulse may be the most important variable for the global economy: as Matt King stated simply, "the change in the flow of credit drives GDP growth" and just as importantly, "the credit impulse also often correlates with asset prices."
Now, as a follow up to our earlier piece laying out the basis behind the global credit impulse, we present Citi's thoughts on what happens next, now that the impulse has turned negative.
Authored by John Rubino via DollarCollapse.com,
Towards the end of the 1990s tech stock bubble, “new media” – i.e., the Internet — was ascendant and old media like magazines, newspapers and broadcast TV were yesterday’s news. This was reflected in relative stock valuations, which gave Internet pioneer AOL the ability to buy venerable media giant Time Warner for what looked (accurately in retrospect) like an insane amount of money.