WTI/RBOB Extend Gains After Bigger Than Expected Crude Draw

After last week’s surprise crude build, expectations were for a draw once again and API delivered with a bigger than expected draw of 3.16mm barrels, which sent WTI/RBOB prices higher.

“What we’ve been seeing in the crude stock numbers is increased volatility,” said Bill O’Grady, chief market strategist at Confluence Investment Management LLC in St. Louis. “The reality is this is high gasoline demand season. They’re going to keep refineries operating pretty strongly until after Labor Day.”

API ...read more

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Mr. Juncker Goes To Washington, Hopes To “De-dramatize” EU-US Relations

Just ahead of his meeting with top eurocrat Jean-Claude Juncker set for Wednesday where the European Commission President hopes to calm the escalating trans-Atlantic trade fight, Donald Trump tweeted out “Tariffs are the greatest!” 

In reference to what promises to be a contentious meeting with Washington’s “foe” – as Trump called the EU in a recent interview, Trump greeted Tuesday morning with a key theme of his presidency: “Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs… Remember, we are the “piggy bank” that’s being

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Pat Buchanan: Is Putin’s Russia Really “An Evil Empire”?

Authored by Patrick Buchanan via Buchanan.org,

“History repeats itself, first as tragedy, then as farce,” a saying attributed to Karl Marx, comes to mind in this time of Trump.

To those of us raised in the Truman era, when the Red Army was imposing its bloody Bolshevik rule on half of Europe, and NATO was needed to keep Stalin’s armies from the Channel, the threat seemed infinitely more serious. And so it was. ...read more

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Trump Administration Announces Multibillion Stimulus For Farmers

Facing the brunt of President Trump’s trade war with China, which threatens some $34 billion of US products and agriculture with duties, the White House has announced a $12 billion “short-term” stimulus plan to help US farmers hurt by China’s “illegal” retaliatory tariffs. 

The package, as expected, will consist of direct payments, food purchases and trade development – under a program already authorized under the Commodity Credit Corp act, which means Congressional approval is not required. Further details on the program will come by Labor Day, according to USDA Secretary Sonny Perdue and top officials. 

Earlier in the day, Trump

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Co-Founder Of FEMEN Commits Suicide In Paris

Oksana Shachko, one of three co-founders of the FEMEN movement, has committed suicide in her Paris apartment after two previous attempts. 

Founded in 2008 and headquartered in Paris, FEMEN gained international fame for its topless protests against sexism, prostitution, political corruption, religious institutions, homophobia and other social issues. After fleeing Ukraine in 2013, the organization has since branched out to several other countries.  ...read more

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Third-World America: The ‘Bottom Half’ “Bolsters” The Economy By Going Into Debt

Authored by John Rubino via DollarCollapse.com,

For maybe the best example of how financial trends are diverging at the opposite ends of the wealth spectrum, contrast the cash flowing into the accounts of the already-rich with the debt accumulating in the accounts of the “bottom half”:

Mortgage, Groupon and card debt: how the bottom half bolsters U.S. economy

(Reuters) – By almost every measure, the U.S. economy is booming. But a look behind the headlines of roaring job growth and consumer spending reveals how the boom continues in large part by the poorer half of Americans fleecing their savings and

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Vertical Group: “TSLA May Have Admitted To Actionably False Statements In Prior Filings”

From Gordon Johnson of The Vertical Group

TSLA may have Admitted to Actionably False Statements in Prior 10-Q Filings

One of the key concerns surrounding TSLA, in our opinion, is the idea that the company could currently be in receipt of a Wells Notice (as we’ve published multiple times before), rendering its ability to raise capital difficult (we are not aware of such an action, but continue to question why TSLA has not tapped the capital markets given our expectation that its cash balance will fall below the critical $1bn threshold in 2Q18, w/ ~$500mn in overseas cash [based on

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With Deluge Of Treasury Sales On Deck, Curve Flattening Set To Return

Forgot Trump’s jawboning, ignore the BOJ’s threats to rock the JGB yield curve, the most important driver behind the shape of the Treasury yield curve – supply – is about to make another flashy appearance as the US Treasury sells $119 billion in note auctions this week, all with a maturity of 7 years or less, and starting with a 2 Year bond auction later today.

And while the yield curve has steepened sharply in the past two days amid fears of declining Japanese demand, whispers of Chinese selling and interest rate locks, the flattening may be set to resume

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