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Archive for the ‘Morning Briefing’ Category

Confrontation with Iran continues to heat up

You can measure exactly how worried the oil sector is about more attacks in the Persian Gulf by trading the insurance premiums for oil tankers in the region. War risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards of $500,000, according to Bloomberg. Earlier […]

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Oil soars after Iran shoots down U.S. drone

U.S. crude benchmark West Texas Intermediate climbed 5.23% to $56.57 a barrel as of 2:30 p.m. New York time today June 20. International benchmark Brent crude rose 4.03% to $64.31 a barrel. A U.S. drone was shot down by Iran in Iranian territory according to Iran or in international airspace according to the United States. […]

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Federal Reserve rhetoric moves strongly toward interest rate cut

So much for "patient." Today after the meeting of the Open Market Committee on interest rates the Federal Reserve announced that it would leave benchmark interest rates at the current 2.25% to 2.50%. But in its words the Fed delivered what the market hoped for--a clear move toward cutting interest rates at the July 31 […]

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Presidents Trump and Xi now likely to meet at G20 gathering

Apparently U.S. President Donald Trump and Chinese President Xi Jinping will talk at next week's meeting of the Group of 20 in Osaka Japan. President Trump tweeted his morning: "Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our […]

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OPEC in disarray; oil slips

Oil markets today are asking reasonably if OPEC can't agree on a date for talks on extending production cuts, then what hope is there for an actual agreement to cut oil production? Iran has backed away from its insistence that OPEC meet in June as originally scheduled, but Iran’s Oil Minister Bijan Namdar Zanganeh has […]

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Two more oil tankers attacked in Gulf of Oman; here’s how financial assets moved and which might be interesting ahead

For the second time in a month two oil tankers came under attack in international waters near the strategic Strait of Hormuz. One ship, a Japanese-owned tanker carrying methanol, was apparently attacked by limpet bombs attached to its hull or by a mine. The second ship, owned by Norway's Frontline and carrying naphtha, was apparently […]

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Oil falls to lowest level in five months; Brent breaks below $60 a barrel

Oil slumped to its lowest in almost five months and international benchmark Brent crude book below $60 a barrel today, June 12. U.S. benchmark West Texas Intermediate fell 4% today to $51.14 a barrel, threatening the $50 a barrel psychological benchmark. Brent fell 3.89% to $59.87 a barrel. The immediate cause was a climb in […]

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U.S. stocks wander as China trade worries nag

The market doesn't go up every day so it's important not to over-react to minor weakness. As of the close today New York time the Standard & Poor's 500 index was off a slight 0.03%; the Dow Jones Industrial Average had slipped 0.05%. The NASDAQ Composite was down 0.01% and the Russell 2000 small cap […]

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With Mexico tariff controversy still alive, President Trump threatens China on tariffs again

President Donald Trump continues to claim that there are unannounced side agreements to the deal between the United States and Mexico that ended, for the moment, the threat of escalating U.S. tariffs on Mexican imports. In one of those side agreements, according to the President in a Saturday tweet, Mexico promised to up its imports […]

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May jobs disappoint, but stocks climb on interest rate cut hopes

The U.S. economy added just 75,000 jobs in May. Economists surveyed by Bloomberg had expected the addition of 175,000 jobs. Statisticians at the Labor Department also revised April job gains down to 224,000. The unemployment rate held steady at 3.6%, a 49-year low. (The full U6 unemployment rate, which counts discouraged workers who have stopped […]

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