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US <b>Crude Oil</b> Has Entered a Bear Market: Will $43 Hold?

On June 20, 2017, US crude oil (USO) (OIIL) August futures fell 2.1% and settled at $43.51 per barrel. On the same day, US crude oil July futures …The post US <b>Crude Oil</b> Has Entered a Bear Market: Will $43 Hold? appeared first …



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Mohammed bin Salman, Saudi Arabia’s prince of chaos

The final act of the palace coup I have been writing about since King Salman took over has just been completed. Everyone was waiting for a coup against Qatar. In fact, the coup was within the kingdom itself. It took place in the middle of the night after fajr, the Muslim prayer that heralds the dawn of a new day, and millions of Saudis woke to a new reality – a 31-year-old prince is going to be the next king. The departure of his father, King Salman – whose speech carried on live television during Trump’s visit to Riyadh was incomprehensible to many who heard him in Arabic – is now a formality. Bin Salman is now king in all but […]


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EIA Tracks Over 200 Percent Growth In Crude Oil Exports Since 2010

Between 2010 and 2016, American crude and petroleum product exports more than doubled from 2.4 million barrels per day to 5.2 million bpd, according to a new report from the Energy Information Administration (EIA). Since a spending bill signed by President Barack Obama in December 2015 lifted the decades-long ban on American crude exports, oil tankers loaded in U.S. ports have reached Europe, Asia, and other North American countries. In February 2017, total exports reached 1.1 million bpd – the highest monthly level on record. Motor gasoline…


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China Set To Slow Refinery Runs In Q3, Hurting Oil Demand Growth

China’s refineries are expected to shut nearly 10 percent of the country’s 15.1-million-bpd refinery capacity in the third quarter¬—the peak demand season—dampening prospects for global oil demand growth on which the market is pinning its hopes for drawing down the glut. Grappling with domestic surplus of gasoline and diesel, some Chinese refineries are said to be cutting refinery runs in the third quarter, while others will shut for planned maintenance, Reuters reported on Wednesday, quoting sources at some of…


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Better times ahead for energy companies: BMO Capital

Brian Belski, BMO Capital, and Darren Jaroch, Putnam Equity Income Fund, discuss investing in the energy sector as oil prices collapse.

crude oilThe post Better times ahead for energy companies: BMO Capital appeared first on crude-oil.news.


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Tesla Deals A Blow To Competitors As Its Stock Price Soars

If you look at how Tesla, Inc., has performed on the stock market, you’ll see the electric automaker has the majors beat. Tesla’s stock lately has been trading for about $370 per share – a huge increase over a year ago when the shares were trading for about $225. If you take a look at stock price performance by the largest automakers in global sales – Volkswagen, Toyota, General Motors, Ford, and Honda – you’ll see those share prices languishing over the past year. You’ll also see that Tesla’s market…


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“In The Past 12 Years, Only Four Assets Have Underperformed Oil”: Deutsche

In his morning note, Deutsche Bank’s Jim Reid discusses the latest bear market in oil, and highlights some interesting details for oil price fans: oil is now back to levels last seen on September 16th last year and even though we’ve rallied hard since February 2016, Oil has only been lower than this for 6% (188 days) of the time since the start of 2005. That is mostly made up of 44 days in 2008/09 and 112 days in late 2015/ early 2016. So these are pretty stressed levels relative to the past decade or so.

Just as notably, Reid notes that oil has returned to levels last seen in the start of 2005 which prompted the Deutsche analyst to publish his usual monthly asset performance chart from this date to put the lethargic performance of Oil in some context over the last 12 and a half years. Keeping it in USD hedged terms only for simplicity sake, of the traditional asset classes monitored by Deutsche, the biggest winners have been the Shanghai Comp (+286%), Gold (+189%), Hang Seng (+177%), S&P 500 (+163%) and EM Equities (+160%). So while Oil is net flat it’s not stopped equity markets rallying incredibly over that time.

US and EUR credit indices have returned anywhere from +34% to +109% and DM bond markets have returned +38% to +61%. HIs conclusion:

Outside of currencies only 4 assets have fallen in the last 12 and a half years (and therefore unperformed Oil). Those include the FTSE MIB (-10%), European Banks (-34%), the Broad Commodity Index (-38%) and Greek Equities (-68%). Clearly the financial crisis and peripheral European concerns of the last decade are the big themes there.

Oil’s performance in context.

The post “In The Past 12 Years, Only Four Assets Have Underperformed Oil”: Deutsche appeared first on crude-oil.news.



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ISIS: Losing The Battle, But Winning The War

Authored by Giulio Metti via The Gatestone Institute,

  • If ISIS is retreating in Mosul, it is rapidly advancing in Manchester. The Caliphate is winning its war in Europe. Six months ago in Britain, the rise of Jeremy Corbyn, the ultra-pacifist Labour party leader who blamed the “war on terror” for the recent attacks in Manchester and London, would have been unthinkable.
  • As the Caliphate razed to the ground everything in its path, Europe reacted as if that were just the result of regrettable manners that should not concern her. The Islamists, however, had other plans.
  • “Why, in August 2015, did ISIS need to blow up and destroy that temple of Baalshamin? Because it was a temple where pagans before Islam came to adore mendacious idols? No, it was because that monument was venerated by contemporary Westerners, whose culture includes an educated love for ‘historical monuments’ and a great curiosity for the beliefs of other people and other times. And Islamists want to show that Muslims have a culture that is different from ours, a culture that is unique to them”. — Paul Veyne, archeologist.

The Islamic State is crumbling — if too slowly. More than two years have passed since French President François Hollande promised, “We will bomb Raqqa“. Sooner or later, ISIS will probably be reduced to a small enclave with no territorial continuity, and its chief, Abu Bakr al Baghdadi, will be eliminated. It would, nevertheless, be most dangerous to dismiss these three years as a short parenthesis: Nazism did not last as long: “just” 12 years in power and five at war with the rest of Europe. The physical and cultural consequences of the Nazi tyranny are, unfortunately, still visible in Europe. The same will be said of the Islamic State. Three years of terror and conquests are not bad in for a war between the Caliphate vs. everyone else.

ISIS will leave behind an unprecedented terrorist infrastructure (277 Europeans killed on European soil in two years).

Infographic: Jihadist Arrests In The EU  | Statista

If ISIS is retreating in Mosul, it is rapidly advancing in Manchester. The Caliphate is winning its war in Europe. Six months ago in the Britain, the rise of Jeremy Corbyn, the ultra-pacifist Labour party leader who blamed the “war on terror” for the recent attacks in Manchester and London, would have been unthinkable. His success is clearly linked to the recent bloodshed in British streets.

Infographic: Terrorism in Europe in 2016 | Statista

In the West, ISIS has assailed parliaments in Ottawa, cafés in Copenhagen, beaches in Nice, social centers in San Bernardino, metros and airports in Brussels, music festivals in Manchester, theaters, sports stadiums, restaurants and kosher markets in Paris, churches in Rouen, Christmas markets in Berlin, malls in Stockholm. Not bad for a “JV team“, as Barack Obama called the Caliphate.

ISIS has been an unparalleled attraction for the umma, the world community of the Islamic faithful: about 30,000 Muslims around the world — 6,000 from Europe — have left their homes to fight under the deadly black flag of the Caliph. ISIS was able to build a global network of terror. Jihadist groups such as Ansar Bayt al-Maqdis in Egypt, Abu Sayyaf in the Philippines, Ansar al-Sharia in Libya, Boko Haram in Nigeria, the Caucasus Emirate in Russia, and the Islamic Movement of Uzbekistan, along with others, have all pledged allegiance to ISIS. The Caliphate has also become the wealthiest terror group in history. Sebastian Gorka, a White House advisor on radical Islam, said: “The attacks of September 11, 2001, cost barely $500,000. ISIS makes that in six hours! Do you feel safe?”

ISIS has made evil viral. The world was stunned when ISIS submerged the Western imagination in the public executions of journalists, the massacres of captured troops, markets for sexual slavery, executions of gays, and public drownings, burning people alive and crucifixions. “Never before in history have terrorists had such easy access to the minds and eyeballs of millions”, wrote Brendan Koerner, noting that “ISIS is winning the social media war“. Often, evil works. A few weeks ago, in Paris, a Jewish woman, Sarah Halimi was killed by a Muslim shouting “Allahu Akbar”. The case was barely covered by the mainstream press. Then several French intellectuals demand the authorities to denounce it as a case of anti-Semitism. ISIS’s threats are now so intense that even academic experts of Islam, such as Gilles Kepel, are under police protection.

In a few months, the Islamic State cleared the historic colonial border of Sykes-Picot, conquered half of Syria, destroyed entire cities of prices antiquities such as Palmyra, reached the periphery of Baghdad, and kicked out the Iraqi army, in which the United States had invested 25 billion dollars. That is why many counter-terrorism analysts are intelligently asking if “ISIS is winning“.

ISIS’s main legacy, however, is devastation — both cultural and human. ISIS has been successful in making a blank slate, a sort of Islamic “year zero,” in which, after an apocalypse, history will start again — supposedly virgin and pure. The Caliphate will leave behind a Middle East more and more Islamic, not only in the landscape, but also in demography. ISIS swept away entire non-Muslim communities that will never return. Many Christian and Yazidi towns within its orbit will remain permanently empty due to the slaughter, the exile and the disappearance of survivors. The Islamic State has been able to destroy the ancient Christian community of Mosul.

A new study published in the weekly magazine Plos Medicine concluded that around 10,000 members of the ethnic and religious Yazidi minority were killed. The researchers estimated that 6,800 other Yazidis were kidnapped, with more than one third still missing.

Christianity in Iraq is over“, said Canon Andrew White, the great Anglican vicar of Baghdad. ISIS succeeded, for the first time in 2000 years, in cancelling Christian communion in Nineveh. Professor Amal Marogy, a native of Iraq, said, at a conference at the Hudson Institute, that while infrastructure such as the Mosul Dam can be saved from ISIS, the eradication of the Christian presence in Iraq means “the end of a peaceful civilization”. There are commentators who are now noting that “ISIS wins when Christians leave the Middle East“.

The jihadist recently vandalized ancient Roman statues and artifacts at the Syrian archaeological site of al-Salhiye, known as Dura Europos. ISIS devastated the most famous capitals of ancient Mesopotamia, from Nimrud to Hatra. “This destruction is unprecedented in recent history”, according to Marina Gabriel, coordinator of the American Schools of Oriental Research Cultural Heritage Initiatives, an institute that tracks the destruction of Islamic State.

The Nimrud ziggurat, built almost 2900 years ago — the most spectacular sacred structure known in ancient Mesopotamia — does not exist anymore. ISIS terrorists devastated the Mosul Public Library, where 10,000 manuscripts were burned or stolen. ISIS also managed to erase of the entire Jewish history of Mosul, including the tombs of Jonah, Seth and Daniel. The Caliphate destroyed the first Assyrian city, Khorsabad. The greatest devastation, however, took place in Palmyra, the most important archaeological jewel of the Middle East. Palmyra delenda est. The Islamic State also eliminated thousands of years of Syrian and Iraqi history, pulverizing exquisite ancient treasures such as the temple of Bal.

As the Caliphate razed to the ground everything in its path, Europe reacted as if that were just the result of regrettable manners that should not concern her. The Islamists, however, had other plans. Professor Paul Veyne writes in his book on Palmyra:

“Why, in August 2015, did ISIS need to blow up and destroy that temple of Baalshamin? Because it was a temple where pagans before Islam came to adore mendacious idols? No, it was because that monument was venerated by contemporary Westerners, whose culture includes an educated love for ‘historical monuments’ and a great curiosity for the beliefs of other people and other times. And Islamists want to show that Muslims have a culture that is different from ours, a culture that is unique to them. They blew up that temple in Palmyra and have pillaged several archaeological sites in the Near East to show that they are different from us and that they don’t respect what Western culture admires”.

That is why, after Palmyra, the Islamic State attacked music halls and other Western symbols in Europe.

The “JV team” might be losing ground, but so far it is winning the war of civilizations. Will the West be able not only to free Raqqa and Mosul, but also to reverse this cultural avalanche trying to crush it?

 

 

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