Another Oil Crash on the Horizon

14.07.2016 • The Economy

From Port Phillip Insider (Australia)-

If today’s Port Phillip Insider seems somewhat more disjointed, wayward, and completely lacking in any kind of form, we can tell you why.

Usually, we’ll write it over the course of two or three hours, in a single sitting.

Today, however, we’re beginning to write it around 11:55am US East Coast time (1:55am in Australia). As we write, we’ve just watched the UK Prime Minister (or former Prime Minister, by the time you read this) give his last speech outside 10 Downing Street on CNBC.

In summary, he said: Blah, blah, blah.

In truth, we tuned out after 10 seconds. It was the usual set-piece scene. Staff members stood off to one side, no doubt in tears. The loving wife and children stood behind. Ain’t that cute?

Anyway, we figure the PM of the UK doesn’t matter a hoot to anyone. Our only point of interest is the comments from those taking over.

As each day passes, it seems more certain that, despite the vote to leave the European Union, the UK will actually never leave the EU.

The new Prime Minister (Theresa May — she’s a woman, by the way, as the media has kindly pointed out) has said it will likely take at least two years to exit the EU.

The prospective (at the time of writing) new Chancellor of the Exchequer, Phillip Hammond, has said it could take up to six years. Conveniently, that would be after an election in 2020.

But enough of that, on with this…

Markets

Overnight, the Dow Jones Industrial Average closed up 24.45 points, or 0.13%.

The S&P 500 closed up 0.29 points, or 0.01%.

In Europe, the Euro Stoxx 50 index closed down 7.3 points, or 0.25%. The FTSE 100 closed down 0.15%, while Germany’s DAX index lost 0.33%.

In Asian markets, the Nikkei 225 index is up 163 points, or 1.01%. China’s CSI 300 index is down 0.35%.

In Australia, the S&P/ASX 200 is up 20 points, or 0.39%.

In commodities markets, West Texas Intermediate crude oil is trading at US$44.87 per barrel. Brent crude is trading for US$46.42 per barrel.

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