We're All On Borrowed Time...

WTI Dips After Big Crude Inventory Build, US Production Slows Oil prices are down overnight but playing headline roulette with every word that comes out of any leaders' (or non-leaders') mouth as ceasefire chatter (now denied) has WTI riding a roller-coaster (but below $100 once again as we write). “Flows and actions matter more than words,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. And while inventory data may not be the market-moving event in this new regime, it is useful to see signs of stockpiling or demand. DOE Crude +5.45mm (+10.3mm...

US Government Moves $1BN In Seized Bitcoin After $770MM Transfers By Cointelegraph The US government completed another major transaction involving seized cryptocurrency hours after moving a significant amount of Bitcoin to a Coinbase Prime wallet. Blockchain data from Wednesday showed that a wallet associated with crypto seized by the US government had transferred more than 12,267 Bitcoin (BTC), worth more than $1 billion at the time of publication. The move came just hours after similar transfers from the government totaling $770 million in BTC to a Coinbase Prime wallet. Arkham Research linked the...

Ukraine's Drones Reach Russia's Arctic "Gas Capital"; Is Nornickel's Palladium Next? For most of the war, Russia's Arctic was the part of the map nobody bothered to defend. That changed a month ago. On September 9, Ukraine's Special Operations Forces said their drones flew "more than 3,000 kilometers" to hit two gas condensate plants in the Yamalo-Nenets region: Gazprom's Novy Urengoy condensate treatment plant, with a design capacity of 19.5 million tons of feedstock a year, and Novatek's Purovsky plant near Tarko-Sale, which processed 13.4 million tons of condensate in 2025...