CLU2017 - Futures Breach $50 - Time for an energy renaissance?
Doubtful. From the WJS today, the run up to $50 signals the "latest sign of renewed confidence in the oil market". Perhaps only to the financial news media charlatans and that cabal of energy-sector leveraged lenders. Anyone who thinks we are on the cusp of an inflationary period now has to grasp for evidence in the prognostication from the entrails of slaughtered animals. The sickening stench of it all.
OPEC can't stop pumping crude. You can taste the desperation.
Venezuela needs oil at 118 to balance their budget.
Nigeria, 139.
Iran and Kuwait break even around 50.
blogs.wsj.com/moneyb...rude-energy-journal/
Anyone who can read a chart should have puzzled over the enthusiasm. The big picture shows only a series of lower peaks and lower lows. That's the hallmark of a bear market, one that has persisted since January.
Harmonics nailed the low, precisely at $42, back in June. I'm willing to bet we're in for another resonant wave down.
OPEC can't stop pumping crude. You can taste the desperation.
Venezuela needs oil at 118 to balance their budget.
Nigeria, 139.
Iran and Kuwait break even around 50.
blogs.wsj.com/moneyb...rude-energy-journal/
Anyone who can read a chart should have puzzled over the enthusiasm. The big picture shows only a series of lower peaks and lower lows. That's the hallmark of a bear market, one that has persisted since January.
Harmonics nailed the low, precisely at $42, back in June. I'm willing to bet we're in for another resonant wave down.