In the aftermath of 12 consecutive down days for oil I appeared on CNBC Asia overnight and CNBC Squawk Box first thing this morning. Different aspects of the recent rout were covered in each appearance: on Squawk Box we addressed OPEC and Saudi Arabia production, while on CNBC Asia we focused on US supplies and export demand.
Here is the latest GERM Report. Last week, we looked at the political landscape of the 1970s that spawned U.S. political leaders like the last John McCain. With parallels to Watergate in the headlines, we again try to take a lessons-learned approach to geopolitical strategy by revisiting the remarks of former Secretary of State Henry Kissinger. With U.S. planners sharpening their focus on domestic issues, the secondary supports for world markets – emerging economies – are starting to fail. With the OECD seeing signs of a slowdown, we take a look this week at some of the underlying causes.
I was in Chicago yesterday so took the opportunity to meet Ben Lichtenstein in person and do a segment on the TD Ameritrade Network. We discussed all manner of things, as is usual – from US oil exports to China, to OPEC, to Iran, to the US dollar to US fundamentals and exports.
OPEC’s July crude exports, although lower than June, are considerably higher than the pace seen over the last year and a half. It appears that OPEC is starting a new trend of higher exports (although Iran and Venezuela could upset that apple cart) – analyst Kanan Mehra breaks down the details in our latest video feature.
Today’s appearance on the set of CNBC Squawk Box highlighted how OPEC is like a soccer team, with some members on the defensive, while others are on the attack. We also discussed how the US is set to continue breaking records – via higher exports, higher production and higher refinery runs.
This morning’s appearance on CNBC Squawk Box addressed OPEC’s impending meeting on Friday, and the likelihood of Saudi Arabia and Russia dialing back on OPEC / NOPEC production cuts. This was also the topic of my latest feature on Texas Standard recorded yesterday morning.
Today’s blog highlights a few charts from ClipperView. The ClipperView events, which are free, are an interactive discussion based off our proprietary six-month outlook on oil and product markets, and kick-off in Houston and New York next week, before heading to London and Singapore.