Crude oil inventories in the United States decreased by 4.2 million barrels in the week that ended on August 1, private data from the American Petroleum Institute (API) reported on Tuesday. Distillate inventories reportedly increased by 1.6 million barrels in the reported week, while gasoline stockpiles fell by 900,000 barrels. Reserves in Cushing, Oklahoma, increased by 1.7 million barrels.
NN: Do not let them punk you. Oil tested its well established lows. Its now up a dollar. Peace is Gaza… shit. How about a desperate about to be wiped out Hamas sacrificing more of its Islamic brothers to blame on Israel. While feasting in the Tunnels.
Peace deal with Russia ha ha ha ha ……………… what a sick nuclear joke
Crude oil prices slipped almost 2% on Tuesday after reports surfaced claiming that Russia was considering a limited air truce with Ukraine. The halting of drone and missile strikes would reportedly be a gesture to US President Donald Trump to ease pressure from potential US sanctions expected after the August 8 deadline set by him, a Bloomberg report claimed earlier. West Texas Intermediate (WTI) for September’s deliveries dropped by 1.9% at 12:43 pm ET, selling for $65.10 per barrel. Meanwhile, Brent for October’s settlements declined by 1.76% and went for $67.61 per barrel a minute later.
A chorus of stock market prognosticators at some of Wall Street’s biggest firms is warning clients to prepare for a pullback as sky-high equity valuations slam into souring economic data. On Monday, Morgan Stanley, Deutsche Bank AG and Evercore ISI all cautioned that the S&P 500 Index is due for a near-term drop in the weeks and months ahead. The predictions come after a furious rally from April’s lows that propelled the gauge to levels it has never seen before. Morgan Stanley strategist Mike Wilson sees a correction of up to 10% this quarter as tariffs hit consumers and corporate balance sheets. Evercore’s Julian Emanuel is expecting a more substantial decline of as much as 15%. And a team at Deutsche Bank led by Parag Thatte notes that a small drawdown in equities is overdue considering they’ve been on a tear for over three months. “Over the last couple of weeks, we have noted that investors should expect a modest pullback in the third quarter,” Wilson said in his note to clients.
The calls are coming amid mounting concerns about the US economy after data last week showed an uptick in inflation as well as weakening job growth and consumer spending. In addition, stocks are entering what’s usually their weakest time of the year. Over the past three decades, the S&P 500 has performed the worst in August and September, losing 0.7% on average in each month, compared with a 1.1% gain on average across other months, according to data compiled by Bloomberg. In addition, stocks have gotten expensive. The S&P 500’s 14-day relative strength index topped 76 last week — its highest point since July 2024 before US stocks briefly peaked last summer and above the 70 level that market technicians view as a sign of overheating. Options trading is also showing the fear of a downturn, as hedging against another rout becomes more expensive. Contracts protecting against a 10% decline in the SPDR S&P 500 ETF Trust (SPY) over the next 60 days compared to the cost of contracts hedging against a similar rally is hovering around levels not seen since the regional banking crisis in May 2023. Still, despite the near-term concerns, the warnings come with a big bullish caveat: In the event of a dip, buy it. At Evercore, Emanuel emphasizes that the long-term bull market in stocks is still intact despite expectations for volatility, and he advises clients to stay invested, particularly in companies capitalizing on the artificial intelligence boom. Deutsche’s Thatte points out that historically the S&P 500 experiences small pullbacks of around 3% every one-and-a-half-to-two months on average, and larger ones of 5% or more every three-to-four months.
NN: The biggest stock market crash is right around the corner.
Israeli Prime Minister Benjamin Netanyahu will supposedly hold a security meeting later today to discuss plans for a military operation in Gaza, Channel 12 reported on Tuesday. According to the news outlet, Israel Defense Forces (IDF) Chief of Staff Eyal Zamir will be in attendance, together with Defense Minister Israel Katz and Minister of Strategic Affairs Ron Dermer and other officials. Channel 12 also shared that Zamir is expected to submit several operational strategies in order to create a military plan regarding Gaza that will be presented later this week to the Israeli military. Just yesterday, Netanyahu announced that he will convene the cabinet meeting later this week to direct the IDF on how to achieve war objectives.
Israel: Over 30 targets hit in past 24 hours
he Israel Defense Forces (IDF) announced on Tuesday that its Fire Brigade 282 attacked more than thirty “terror targets” in the past 24 hours as the army’s Southern Command continued its military operation throughout the Gaza Strip. In its daily update on Telegram, the IDF said its Brigade Combat Team 188 destroyed one of Hamas’s operational centers, while the Givati Brigade Combat Team dismantled a number of weapons and underground shafts. The Fire Brigade 990 eliminated “a number of terrorists,” the IDF added.
NN: All negotiations have failed. Hamas narrative is Israeli gynecide. In reality the gynecide is committed by Hamas on their own people and blamed on Israel. But people are being spoon fed bulllshit on social media and eating the turds whole.
Hedge funds boosted their bullish bets on crude oil at the fastest pace in over a month as US President Donald Trump’s threat of additional levies on Russia drove fears about tighter supplies. Money managers increased their combined net-long position on West Texas Intermediate and Brent by 39,779 lots to 299,295, in the week ending July 29, according to data from ICE Futures Europe and the US Commodity Futures Trading Commission compiled by Bloomberg. That was the biggest increase since mid-June, when the conflict between Israel and Iran escalated. Trump announced a shorter deadline for Russia to agree to a ceasefire in Ukraine and threatened again to impose additional penalties on Russia, reigniting worries about tighter supplies and sparking a rally that sent crude prices to their highest in over a month.
Bullish Oil Bets Rise by Most Since June
Hedge funds flocked to long positions amid rising Russian supply risk
Source: CFTC, ICE
Diesel markets continue to remain tight, making speculators even more bullish on the fuel. Speculators increased bullish wagers on gasoil to the highest in more than three years and stepped up net long positions in US diesel futures and options to the highest in almost four years.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies decided during a virtual meeting on Sunday to hike oil production for September by 548,000 barrels per day (bpd), energy journalist Amena Bakr reported. “The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the cartel noted in a statement. People familiar with the matter have said Saudi Arabia’s main objective is to recoup the market share OPEC+ has ceded to rivals like US shale drillers during years of output cutbacks. Riyadh’s OPEC+ quota for August, at 9.756 million barrels a day, would roughly put its production at the highest level in two years. The decision comes amid increasing US pressure to bring Moscow to the negotiating table to end their ongoing, full-scale invasion of Ukraine. Threating to put 100% duty on Russian oil. A disruption to Russian flows would threaten to drive up crude prices and run counter to Trump’s repeated call for cheaper oil, as he pushes the Federal Reserve to lower interest rates. Russia’s Deputy Prime Minister Alexander Novak made a rare visit to Riyadh on Thursday to discuss “cooperation between the countries” with Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. The two countries have jointly led OPEC+ since its creation almost a decade ago.
United States President Donald Trump announced on Friday that he ordered the deployment of two nuclear submarines in response to recent comments made by Russian Security Council Deputy Chairman Dmitry Medvedev. “Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev, who is now the Deputy Chairman of the Security Council of the Russian Federation, I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,” the US leader wrote. He added that “words are very important, and can often lead to unintended consequences,” claiming he hopes “this will not be one of those instances.” This week, Trump branded Medvedev a “failed former president” and warned him to “watch his words,” prompting Medvedev to respond with a veiled threat by invoking Russia’s Cold War-era “dead hand” nuclear system.
The prices of oil futures plunged by almost 3% on Friday as investors assessed the impact of United States President Donald Trump’s numerous sets of tariffs on different countries and industry sectors that took effect on August 1. West Texas Intermediate (WTI) for September’s deliveries plunged by 3.09% at 12:33 pm ET to $67.18 per barrel. Meanwhile, Brent for settlements in October slid by 3.12% to $69.47 per barrel.
British Prime Minister Sir Keir Starmer and Ukrainian President Volodymyr Zelensky “welcomed” United States leader Donald Trump for setting a new deadline for Russia to end the conflict in Eastern Europe and called for peace talks. “It was clear Russia was the only barrier to peace, the leaders agreed,” Downing Street told the press. Meanwhile, Zelensky tweeted that he and Starmer discussed Russia’s recent attacks on his country, defense cooperation, and sanctions against Moscow. Previously, Trump shortened the deadline of 50 days he gave to Russian President Vladimir Putin to end the conflict in Ukraine to ten days.
NN: Putin is not about to back down. Not with victory so close.
Acting United States Alternate Representative to the United Nations John Kelley remarked on Thursday that President Donald Trump “made it clear” that Russia must end its military campaign in Ukraine by August 8. Speaking before the United Nations Security Council (UNSC), Kelley voiced the US’ readiness to “implement additional measures to secure peace” in Ukraine. But first, the two sides must negotiate a ceasefire and durable peace, he said. Previously, Trump shortened the deadline of 50 days he gave to Russian President Vladimir Putin to end the conflict in Ukraine to ten days.
