WTI Crude oil prices staged a 23% rally from June 21st through September 25th. The rally appeared to be running out-of-steam as OPEC’s market monitoring committee met September 22nd and made no recommendation about continuing the production limits beyond March next year.
But on Monday, the 25th, there was a surprise announcement by the president of Turkey that he would block the Kurds’ crude oil exports through the pipeline that is on Turkish soil if Kurdistan becomes an independent state. The vote was imminent.
Crude prices rose 3% to the highest rate since May, blowing through technical resistance levels. No doubt there were stops at those levels that were hit, triggering more buying. In the CFTC Commitment of Traders report for the week of September 26th, most of the buying was indeed short-covering by specs and hedgers. A minority of the buying was new long speculative positions. Continue reading "Does The Oil Rally Have Legs To Go Higher?"→
Unless you’ve been asleep for the past 72 hours you’ve no doubt heard that Turkey shot down a Russian fighter jet. Of course, whether the Russian fighter jet did or did not cross into Turkish airspace is debatable.
What is not debatable, however, is the rising tension between the two countries, which seems to be leading to a trade war. Though less grave than a military conflict, it could ignite a rout in Emerging Markets and their currencies.
What Ignited the Mess
Even before the unfortunate incident it was clear that tensions between Moscow and Ankara were heating up. The reason for that is a very clear conflict of interest between Russia and Turkey over what’s happening in Syria. More specifically, it involves the area of Turkey’s border with Syria. Continue reading "The Perils Of A Russian Turkish Conflict"→
We have a lot to be thankful for at our company and we also have a great staff who pleaded to be in this years Thanksgiving video.
Starring in the 2011 Thanksgiving video are Bob and Lindsay, who handle all advertising for INO.com.
Representing MarketClub we have Jeremy from tech support and Melissa, head of customer service.
So sit back, watch the video, and see how talented our staff really is.
From the INO and MarketClub Teams