Canada Heavy Oil Falls Under $35

The number of Canadian Oil rigs operating has never been this low in the first week of January before. With West Canada Select (Heavy) crude oil prices falling to a 6 year low under $35, the whole industry has been gobsmacked. From, While US rig counts have fallen for the last few weeks as the lagged response to falling prices finally catches up to reality, the Canadian oil rig … [Read more...]

Futures Scorecard for 2014

The scorecard for futures for 2014:- Important Futures That Have Risen The US dollar is up 13.4%, 30 year bonds are up 12.3%, the S&P 500 and the Dow Jones industrial index are up 12% and 8.2% respectively. See the charts below: US Dollar Up % 13.4% The US dollar has performed the best of the 31 major currencies this year. Even though the US does have serious problems, like its an … [Read more...]

Dow Tops 18,000 – Contradicts World Economy

Peter's Commentary: Oil drops. The Rouble drops. The Euro is in trouble and is about to break its support. But the Dow keeps going and tops 18,000. From, Nick Beams, December 27, 2014 The Dow at 18,000: Contradictions mount in world economy 27 December 2014 As the year draws to a close, there is an ever-widening gap between what is taking place in financial markets and … [Read more...]

Record High Inventories Of Crude Oil

Peter's Commentary: Guess what? The US has now got the largest amount of crude in stock ever, for this time of year. No wonder the price of crude has kept falling and is now around $55. From ZeroHedge, Tyler Durden, 12/24/2014 WTI Crude is down over 3.5%, dropping back towards $55 - dismissing yesterday's dead-cat-bounce deja vu - as EIA inventory builds more than expected at 7.27 million … [Read more...]

Imposing Sanctions on Russia Could Sink the Dollar and the US Economy

Peter's Commentary: Ron Paul warns that the sanctions against Russia are liable to cause more countries to stop using the US dollar for transactions thereby decreasing its value dramatically. From the Ron Paul Institute, August 10, 2014: The US government's decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately … [Read more...]

New Orleans Firefighters’ Pension Fund Loses Almost Half Its Value Since 2011

Peter's Commentary The New Orleans pension fund has fallen from $158.5 million in net assets at the end of 2011 to a low of $84.8 million. From the World Socialist Web Site: Like all funded pension schemes, the New Orleans firefighters’ pension plan is prey to the swindling and double-dealing of the financial industry. The list of bad and often downright shady investments made by the … [Read more...]

What’s Copper’s Story?

Trader Dan Norcini monitors Copper and Crude Oil to determine the strength of the world economy. Currently Crude Oil is being affected short term by the geopolitical events in Ukraine and the Gaza strip so it’s short term strength maybe misleading. So let’s look at copper instead, to see whether the global economy is getting stronger. The lower part of the chart shows the positioning of … [Read more...]