U.S. Oil Refiners Slash Production As Gasoline Inventories Hit 27-Year High

Image of oil drums
From Nick Cunningham: In a sign that the gasoline glut is not going away, U.S. refiners are succumbing to poor market conditions, reluctantly moving to cut back on production as they drown in oversupply.
NYSE:USO February 24, 2017 9:15am

The Steel ETF Failed To Break Resistance And Could Face A Major Reversal

Image of construction steel rebar
From Taki Tsaklanos: Steel stocks has a big down day on Thursday, with the SLX ETF, representing steel stocks, losing almost 4% of its value -- and the losses are continuing this morning as well.
NYSE:SLX

Steel ETF Could Be Vulnerable As China’s Housing Bubble Bursts

steel-bars
From Tyler Durden: After several months of slowing price growth across China's bubbly housing market, if mostly in the lower-tiered cities, last month we reported that China's National Bureau of Statistics confirmed that the latest Chinese housing bubble has finally popped.
NYSE:SLX February 23, 2017 7:05am

Analyst: Oil Could Plunge All The Way To $30 Per Barrel This Year

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From Nick Cunningham: Will oil prices rise to $70 per barrel this year or fall to $30? Depends on who you ask.
NYSE:USO

Oil Prices In Peril As U.S. Oil Exports Surge To Record Levels

Image of an oil derrick with blue sky
From Michael McDonald: U.S. oil producers contributed a record 7 million barrels of crude oil to international markets during the Week of February 5th, 2017, approximately one million barrels per day. This is on the tail of OPEC strategically limiting their global contributions.
NYSE:USO February 22, 2017 8:33am

Leveraged Inverse Oil ETNs In Focus As Bullish Oil Funds Lose Assets

Image of oil drums
In our fund flows recap today we mention evident position trimming in the two largest “Crude Oil” trackers in ETP land.
NYSE:DWT February 21, 2017 12:12pm

Dennis Gartman Just Put Out A Big Bullish Call On Oil

oil drum
From Tyler Durden: While Goldman has been aggressively warning about the upside risks to the market in days most recently over the weekend, so far none other than Dennis Gartman has been proven right with his recent call for a "melt up."
NYSE:UCO

Record Gasoline Glut Could Cause The Next Big Oil Price Crash

gasoline-pumps
From Nick Cunningham: Oil prices are stuck in a holding pattern, waiting for more definitive data on what comes next. OPEC compliance is helping keep prices afloat, but rising U.S. oil production is acting as a counterweight.
NYSE:USO

Oil Behemoths Are Underestimating The Electric, Driverless Car Revolution

google-car
From Nick Cunningham: Companies like Tesla, Uber and Google have sparked a lot of interest in the roll out of autonomous vehicles (AVs), or driverless cars, and while it is still early days, the transition to AVs could have enormous implications for the oil industry.
NYSE:XOP February 20, 2017 7:07am

How Much Longer Can The Commodity Rally Last?

commodities
From Taki Tsaklanos: We recently observed inflection points in leading markets, as explained in 5 Leading Markets At Major Inflection Points. Crude oil was one of those leading markets, among several other commodities.
NYSE:DBC

Why Are So Many Hedge Funds Bullish On Underperforming Oil?

oil600X300
From Brian Noble: In a recent edition of his widely-followed newsletter (The Gartman Letter, 7 February 2017), commodities king Dennis Gartman observed that, “As of mid-week last week, the hedge fund community was long nearly 1.0 billion barrels of crude while short only a bit more than 100 million barrels. This is the most decidedly one-sided position held by the funds since the late winter of ’14.”
NYSE:USO February 19, 2017 6:49am

Record High Oil Inventories Crush Hopes For Oil Recovery

Image of oil drums
From Nick Cunningham: Another week brings yet more signs that the highly-anticipated oil market “balance” will not occur in the immediate future. Heading into 2017, there was a broad consensus that global oil production would fall below demand in the first half of the year, a deficit that would help bring down inventories and lead to relative balance between supply and demand.
NYSE:USO February 17, 2017 6:57am

A Deeper Look At The Last Remaining Coal ETF

coal
A segment of the Energy Equity market that was much maligned during the Obama administration that has been breathed new life is that of Coal.
NYSE:KOL February 16, 2017 12:30pm

Harsh Reality For Energy Giants: Weak Demand Is What’s Holding Oil Prices Down

oil drum
From Osama Rizvi: To the surprise of many, the OPEC and NOPEC deal is not only holding but overperforming. The compliance rate stands at 91 percent, with the recent OPEC Oil Market Report declaring a total cut of 890,000 bpd.
NYSE:USO

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