Storm clouds gathered over the oil markets but didn’t seem to last too long. Weaker than expected Chinese macroeconomic data disappointed again, but not likely putting an end to six consecutive weeks of energy prices gains. The bullish effect of Saudi Arabia’s production cut extension and Russia’s export curbs in September has evaporated. Although disruptions…
September West Texas Intermediate crude oil prices posted 5 consecutive weekly gains as we concluded last week’s trading. Gains were credited to tighter supply control by Saudi Arabia and Russia. This recent display of uptrend followthrough comes despite fears over slowing economic growth and reduced energy demands due to potential central bank interest rate hikes.…
Credit rating agency Fitch downgraded the United States from an AAA to AA+ rating. The U.S. is no longer officially a risk-free borrower. Truth be told, our country earned that credit rating a while ago. There was a time in our nation’s history when large budget deficits would have been considered extreme and irresponsible. I’m…
Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA. Pointing to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden. The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management. Back in May, the agency…
Back in March of 2022, President Joe Bozo issued an executive order directing the Office of Science and Technology Policy to prepare a report on the risks and benefits of creating a digital dollar for the United States of America The digital dollar is referred to as a CBDC for short, meaning a central bank…
Today’s big question: Is inflation really under control? It’s tough to say with crude oil prices on the rise. WTI is up more than 15% in July. Many analysts have Brent price targets in the mid 90s before year end. Gasoline prices have been experiencing a surge lately as well, with futures soaring to a…
The social media landscape is increasingly controlled by a small group of powerful corporations that have a vested interest in censoring dissenting voices. This censorship is not only harmful to free speech, but it also undermines our democracy. I touched on this topic just a few days ago. The fact of the matter is, just…
Time will tell, it always does! The Fed hiked interest rates by a quarter of a point Wednesday afternoon, bringing the benchmark borrowing rate to 5.25%-5.5%. That means interest rates are now at the highest level in 22 years, bringing us all the way back to 2001. There will be lots of commentary about all…
1. Market averages are overbought. Prices have moved up “potentially too far, too fast.” The SPY gained more than 4% in the two weeks before its most recent high. Gains of that size are unusual. They happen on average just a handful of times each year. And a pullback starts the following week more than…
September’s West Texas Intermediate Crude Oil futures are managing to hold their own, indicating a potential higher finish through the balance of the week. WTI crude oil prices are upbeat thanks to lower U.S. crude inventories and strong crude imports by China. However, the market sentiment remained somewhat restrained due to concerns about weaker demand…