While most analysts and investors expect Venezuela and its state-owned oil company to make $5.3 billion in bond payments coming due next month, concern is mounting the country may find itself without enough cash to service debt as soon as next year as foreign reserves drop to an 11-year low.
he Federal Reserve’s surprise decision to refrain from scaling back monetary stimulus provided a respite to investors in emerging markets, where currencies are in the midst of their worst rout in two years.
A ragged collection of rain showers off the Yucatan Peninsula may develop into a weak tropical system as it moves over the Gulf of Mexico, prompting some energy operations to evacuate non-essential personnel.
Overnight it seems that oil is now worried more about the prospects of the Fed tapering than all other global geopolitical and storm worries. Strong data out of Europe is offsetting concerns from Egypt.
U.S. oil production is soaring, hitting the highest level in 22 years at 7.55 million barrels a day! Oh sure U.S. oil supplies fell by 2.8 million barrels but that was mainly because U.S. refiners went on a tear producing product.