April Fools And The Last Supper

WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped Oil prices are higher this morning (extending its 8%-plus surge of the last three days) as Middle East tensions simmer and global stockpiles shrink at a record pace. WTI topped $103 and Brent crude traded near $108 a barrel, erasing its retreat earlier on Wednesday, after the IEA said global observed oil inventories declined at a rate of about 4 million barrels a day in March and April. Saudi Arabia told OPEC that its output sank to the lowest level since...

Futures Rise As 10Y Yields Pull Back From 24 Year High The disconnect continues. With 10Y yields rising as high as 5.34% - a new 24 year high - before easing back US equities remain completely oblivious of the tightening in financial conditions and instead are obsessing with the memory bubble, and pushing higher on the first day of Q4 as strength in technology shares held up against volatility in bond markets and a renewed climb in oil. As of 8:00am ET, S&P 500 futures were up 0.4%, erasing an earlier...

Germany's Former Spy Chief Arrested In Biggest Espionage Scandal Of The Century August Hanning, former head of the German BND foreign intelligence agency, which is Germany's equivalent of the CIA, has been arrested on espionage charges in a shocking and unprecedented situation in which a country's top intelligence officer and head of a national spy agency was caught spying for another state. The 80-year-old faces formal charges including "treasonous espionage, spying out state secrets, attempted treason, and espionage" - according to German media. While an official statement from the prosecutor's office has not...