Putin urges dollar to be ditched in oil deals

putin-chess

Putin urges dollar to be ditched in oil deals:

President Vladimir Putin has raised the ante in Russia’s bid to cut dependence on the dollar, urging greater use of the national currency, the ruble, in oil deals.

Russian leaders, whose country is a top crude exporter, have already proposed to carry out oil trade operations in currencies other than the dollar, such as China’s yuan.

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Saudi Arabia Declares Spending Moratorium As Oil Rout Bankrupts Kingdom

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Saudi Arabia Declares Spending Moratorium As Oil Rout Bankrupts Kingdom:

Last month, when King Salman arrived in Washington to a fleet of Mercedes S-Classes, we asked if, considering the current circumstances, cutting back on spending might be in order. Indeed, in the wake of Saudi Arabia’s move to tap debt markets, rumors have been circulating for months that the kingdom has enlisted the help of “advisers” to help rein in the ballooning deficit. Now, Riyadh has effectively declared a spending moratorium in the face of self-inflicted crude carnage.

Total Collapse In Interest For Oil Assets: Brazil Oil Auction Is Near Complete Failure

Total Collapse In Interest For Oil Assets: Brazil Oil Auction Is Near Complete Failure:

Brazil, which is caught in a vicious recessionary spiral which is only set to get much worse before it gets better, tried to obtain some much needed cash when earlier today it conducted an auction to sell exploration rights for of its oil and gas. It was, in short,  a disaster. According to Reuters, by midday Brazil had only sold 17 of 119 blocks offered. A total of 36 companies from 17 countries – including Petrobras, ExxonMobil Corp, BP Plc and Royal Dutch Shell Plc – registered for the auction. None of the majors have bid so far. Only a handful of sold blocks were even contested.

Oil Surges To $45 After Saudi Troops Invade Yemen

Oil Surges To $45 After Saudi Troops Invade Yemen (ZeroHedge, Aug 28, 2015):

For the 3rd day in a row, crude oil prices are spiking as the short squeeze morphs into a war premium. Heberler reports that Saudi ground troops have entered Northern Yemen and seized control of two areas in the Saada province. WTI is now above $45…

As we noted previously, boots have been on the ground there (and tank tracks) since early July…

But, as Haberler reports, forces seize control of two areas in Yemen’s Saada province in the first actual ground offensive by The Saudis…

Read moreOil Surges To $45 After Saudi Troops Invade Yemen

WTI Crude Breaks Below Historic $40 Level, Energy Credit Spikes To Record Highs After Rig Count Rise

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–  WTI Crude Breaks Below Historic $40 Level, Energy Credit Spikes To Record Highs After Rig Count Rise (ZeroHedge, Aug 21, 2015):

Well, we have a winner – Oil broke to a 3 handle before 10Y rates hit a 1 handle (just – 10Y at 2.04%) following the 5th weekly rise in rig count (+2 to 674). Energy credit risk is soaring to record highs as investors realize ‘there will be blood’ in all those highly-levered loans.  This is the first time the front-month crude contract traded below $40 since March 3rd 2009… just before QE was unleashed in all its asset-inflating, malinvestment-driving, zombifying glory.

 

Crude Oil Plummets Most Since February, Nears 16 Year Support Line: Tap On The Shoulder Time?

Crude Oil Plummets Most Since February, Nears 16 Year Support Line: Tap On The Shoulder Time? (ZeroHedge, July 6, 2015):

Earlier today we commented that while stock markets across the globe, heavily influenced by central bank intervention from the PBOC to the SNB, are doing everything in the central planners’ power to telegraph just how irrelevant Greece is, other indicators are far less sanguine. One example was copper, which plunged to a level not seen since February, and was in danger of breaching its 15 year support level. The commodity weakness today has persisted and is now crushing both WTI crude and Brent, both of which are in freefall, and WTI is now down over $3 on the session, or 6%, to a $53 handle, the biggest one day plunge since February to a level last seen in early April when there was much hope that the dramatic plunge in December and January was finally over. Turns out it wasn’t.

Biggest Glut in Recorded Crude-Oil History Taking Shape

H/t reader squodgy:

“Not good, whichever way it pans out.”


Biggest Glut in Recorded Crude-Oil History Taking Shape (Wolf Street, June 16, 2015):

“The market is flooded with oil and everyone is desperate to sell quickly, so you have a price war,” a marine-fuel trader in Singapore, the largest ship refueling hub in the world, told Reuters as prices for bunker fuel oil are plunging.

OPEC, which produces about 40% of global oil supply, announced on June 5 to “maintain” output at 30 million barrels per day for the next six months. Six days later, the IEA’s Oil Market Report for June clarified that “Saudi Arabia, Iraq, and the United Arab Emirates pumped at record monthly rates” in May and boosted OPEC output to 31.3 million barrels per day, the highest since October 2012, and over 1 MMbpd above target for the third month in a row. OPEC will likely continue pumping at this rate “in coming months,” the IEA said.

Read moreBiggest Glut in Recorded Crude-Oil History Taking Shape

So Much For The Oil Crash: Cali Gas Price Almost Back To Year Ago Levels; Los Angeles Gallon Rises Over $4.00

So Much For The Oil Crash: Cali Gas Price Almost Back To Year Ago Levels; Los Angeles Gallon Rises Over $4.00 (ZeroHedge, May 18, 2015):

While one could, at least superficially, make the case that for the US consumer (if nobody else) lower oil prices are indeed better than the opposite, we wonder how the same pundits will spin that according to AAA, not only are Los Angeles gas prices now back over $4.00 per gallon, erasing almost all losses from a year ago.