-US employment peaked in 4Q19. -World Bank sees lasting economic scars. Word that a trio of oil producers in the Middle East, including Saudi Arabia, would bail on extraordinary production cuts threatened to end a remarkable streak for the price of oil. Brent had been on a bull run since late April, rallying some 43% … More The Daily Dose; The Economy Was Kinda Bad Already.
Risk level: RED RED: Severe (+/- 4%) ORANGE: High (+/- 3%) YELLOW: Elevated (+/- 2%) BLUE: Guarded (+/- 1%) THE BOOSTER SHOT -OPEC+ may have overshot. -BP to cut headcounts by 10,000. Crude oil prices looked set to establish a floor at around $40 per barrel after parties to the latest OPEC+ curtailment measure agreed … More OPEC’s Balancing Act is Wobbly
-OPEC+ in agreement. For now. -The recession will be televised. Brent did it! The global benchmark crashed through the $40 ceiling in overnight trading on word Russia and the other major parties to OPEC+ curtailments were extending the deal beyond June. Russia had balked earlier on deeper cuts, arguing the demand destruction from the coronavirus … More The Daily Dose; Don’t Get Ahead of Yourself.
The GERM Report 