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Articles by Pasadena Phil
Is President Trump's Legal Team Preparing For An Imminent "Obstruction Of Justice" Charge?
President Trump set off a new wave of mainstream media faux-outrage over the weekend when he publicly admitted that he was aware that Flynn had lied to the FBI and Vice President when he made the decision to fire him. Not surprisingly, the Left has used the admission to once again suggest that Trump obstructed justice by firing Comey for simply pursuing charges against someone who Trump himself already knew to be guilty.
WTI/RBOB Slide As Crude Production Hits 20-Month High, Cushing Glut Hits Record High
WTI/RBOB prices slipped ahead of DOE data as Canada's growth outlook cut trumped Saudi Arabia's wishy-washy chatter on production cuts. DOE data confirmed the biggest crude draw of 2017 (-2.16mm) and gasopline and distilates saw the 8th week in a row of drawdowns but Cushing's 276k build pushed it to a new record high as US crude production rose once again to its highest sine August 2015.
Oil Slides After Bigger Than Expected Inventory Build
Oil prices were back to unchanged ahead of DOE data, after falling on last night's surprise API inventory build. Prices jumped higher however as DOE reported a much smaller build than API (+614k vs +4.2mm), though admittedly a build (expectations were for a draw). Cushing built for the 4th week of the last 5 but gasoline and distillates saw significant draws. Production dipped very modestly.
War Is Coming And The Global Financial Situation Is A Lot Worse Than You May Think
Submitted by Michael Snyder via The Economic Collapse blog, On the surface, things seem pretty quiet in mid-July 2016. The biggest news stories were about the speculation surrounding Donald Trump’s choice of running mate (no we know), the stock market in the U.S. keeps setting new all-time record highs, and the media seems completely obsessed with Taylor Swift’s love life. But underneath the surface, it is a very different story.
Donald Trump Unveils VP Pick Mike Pence - Live Feed
Speaking from New York City, Donald Trump unveils his vice-presidential "partner" Mike Pence to the world... You might be wondering what I think of Trump’s decision to pick Mike Pence for VP, given that Pence has disagreed with Trump on substantive policy issues in the past. First of all, policies don’t matter in this election, or in any other election. Reason is mostly an illusion. And anyway, Pence will modify his positions to match Trump. No one cares.
Not So Fast: Scotland And Northern Ireland May Have Brexit Veto Rights
Two days after the shocking Brexit result, the nightmares for the Remain camp - which refuses to accept a democratic reality - will not go away. As a result, it has gotten to the farcical point where disgruntled Remain voters have launched a petition demanding a second EU referendum, having clearly forgotten that it was the dramatically low turnout among their ranks that allowed the Leave vote to have such a knockout victory.
This Week's Main News From The Oil Sector
For those who need a quick and easy recap of all the main events that took place in the oil and gas services sector, here it is courtesy of Credit Suisse's James Wicklung who present the various "things we've learned this week." You Will Get Nothing and Like It. According to Bloomberg, in the final gathering of OPEC officials prior to the June 2 meeting, no discussions of a production cut took place.
Stocks, Bonds Slide As Hawkish Yellen Sends July Rate-Hike Odds To Record Highs
Following Yellen's uncharacteristicaly hawkish tone, the odds of a July rate-hike have shot higher - now higher than June or September have ever been - to record highs. This has sent short-term bond yields higher, the yield curve dramatically flatter, stocks lower, and gold down... July Rate hike odds soar...
The Anger Of The Unprivileged Is Rising Globally
Privilege serves the same purpose--benefiting the few at the expense of the many--regardless of the system's ideological labels. The righteous disgust with the status quo that spawned the broad-based campaigns of Bernie Sanders and Donald Trump is not unique to the U.S. Globally, those disenfranchised by the status quo--the unprivileged, or in Peggy Noonan's phrase, the unprotected-- are starting to express their discontent in the streets, in social media and in elections.
Smart Traders Who Realize This Pattern Could Make a Killing
The markets are tracking the same pattern that played out in 2015. Most market action (more than 80%) today is driven by computer algorithms. These programs look for an asset class that is moving, and then buy based on the momentum. From March through May, the moving asset class is Oil, which historically tends to rally during this period. In 2015, Oil bottomed in March and rallied hard into June. This year, the same pattern played out.
What's Next For Apple And The S&P: This Is What The Charts Say
Following last week's relentless drop in Apple, and what appears to be a head and shoulders cap to the S&P rally which started with a double bottom in February, two questions posed most frequently by traders are i) what happens to AAPL next and ii) where does the S&P go from here.
WTI Crude Tops $47 To 6-Month Highs After IEA Forecast
Following IEA's report this morning which proclaimed OPEC production at record highs but forecast a drop in the global oil glut in the first half of the year (due to demand from India, as the current marginal demand driver - China's teapot refiners - have since slowed dramatically), WTI crude prices have jumped back above $47 for the first time since November 2015.
Trump Says If Economy Crashes "Can Make A Deal", "Will Renegotiate Debt"
Calling himself 'the king of debt' in his business dealings, Donald Trump warned correctly this morning that the national debt would be troublesome if the cost of borrowing increases, asking rhetorically, "we're paying a very low interest rate. What happens if that interest rate goes up 2, 3, 4 points?
Why Is The Stock Market So Strong?
The current earnings season hasn’t been very good so far. Companies continue to “beat expectations” of course, but this is just a silly game. The stock market’s valuation is already between the highest and third highest in history depending on how it is measured. Corporate earnings are clearly weakening, and yet, the market keeps climbing. The rally is a bit of a “wall of worry” type of phenomenon actually, since many of the negatives are of course widely known.
WTI Crashes To $27 Handle As US Energy Credit Risk Spikes Above 1500bps To Record Highs
After surging over 5% last week, gold and silver continue to move higher as concerns about the U.S. and global economy saw more sharp stock market falls and reduced expectations of the Fed increasing...
What Comes After The Commodities Bust?
The days of E&P companies using external debt financing to fuel growth have most likely come to a close. The one thing executives should have learned in 2015 is that Wall Street can for long periods of time remain disconnected from fundamentals and can swing to extremes. Another lesson from 2015 is that OPEC can no longer be relied upon to set prices. Thus, the debt fueled financing boom in the shale space will most likely never return.
President Obama Explains Why Making It Harder For "We, The People" To Get Guns Will Make Everyone Safer
Amid threats from various Republican Congressmen, soaring pre-emptive gun sales, and a majority of Americans (56%) believe that if more Americans carried concealed weapons the country would be safer; President Obama is set today to formally announce his executive action new gun-control measures. In the wake of mass shootings at schools and other public places, some have argued that the shootings could have been stopped if any of the victims had carried weapons.
As Good As It Gets? Initial Jobless Claims At Lowest In 43 Years For Christmas Week
It's Chrismas time. Only the scroogiest of scrooges would be laying people off this time of year and in fact this week's 267k print in initial jobless claims is back near cycle lows. The last time there were initial jobless claim in a holiday week was 1972, which raises the question - so what happens next? Will it be different this time? Well it already is, Yellen is raising rates.
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