Oil and products did a supply slide as disruption in supply all around the globe seemed to come online all at one time. In Libya, South Sudan, Nigeria and Iraq supply that was slowed or halted is coming back online.
A key to investing in Russia is to focus on domestic areas of the market that are profitable and growing. While China’s urbanization gets a lot of attention today, in the case of the Soviet Union, urbanization happened back in the thirties.
Yesterday marked the fifth anniversary of TransCanada's application to the U.S. State Department for the 1,700-mile pipeline from Alberta to Texas known as the Keystone pipeline, the most famous pipeline in America even though it has not been built.
The November Brent/WTI spread has continued to narrow declining for the last two sessions in a row. As the supply issues that I have been discussing for weeks start to resolve themselves the spread will resume its path toward parity.
The most likely outcome in today's meeting is that the Fed will taper bond and MBS purchases by about a quarter. The market at first will freak out and we should see sharp drops in metals and a selloff in stocks and petroleum.
Speculators got less bullish on gold, selling long contracts at the fastest pace this year as prices fell the most in almost three months on prospects for less central-bank stimulus. Goldman Sachs Group Inc. said the retreat has further to go.