Prices

Both oil contracts have fallen sharply since peaking last week, when Brent hit its highest level since July 2015 of almost $59.50 and WTI rallied to its best level since mid-April of this year.
Oil prices surged this quarter as Brent crude put in the best performance in 13 years. This comes as oil demand is surging, geopolitical risk is rising and Moody’s warns that shale oil producers will need $50 a barrel plus oil to make any money.
Down but never out. The U.S. energy industry had an amazing comeback raising refining runs to almost pre-Hurricane Harvey levels in what can only be described as a heroic effort.
The lower for longer oil price outlook is being put to the test as rising global demand and disappointing shale portion numbers are proving once again that the best cure for low prices is low prices.
I have been very bearish on U.S. bonds over the past month or so.
Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared.
The market cap of the NASDAQ has reached a new all-time high of $8.705 trillion recently, which is equal to 45.8% of U.S. GDP. The long-term median NASDAQ market cap/GDP ratio is only 24.91%.
I predict it’s going to be a boring summer for stocks.
Oil prices edged lower on Wednesday ahead of data that will shed light on U.S. crude inventories after an industry report indicated a surprise build in fuel stocks, underscoring the persistence of global oversupply.
U.S. single-family home prices accelerated at a faster pace than expected in February, supported by a low inventory of housing stock, a survey showed on Tuesday.