Not your average recession . . . .

[errolanderson]

OIL PRICE SWOON: WTI oil breaking below $79 per barrel overnight. Break below $80 technically significant. Major support approaching $73.50 per barrel (IMO). U.S. gasoline now at 8-month low. Diesel fuel prices also sliding.

OPEC appears losing control as production cuts no match for for record U.S. oil production and failing China oil demand. Recession deepens. Errol’s Commodity Wire

[Taiga]

Diesel still going higher in Canada, not sure what is pushing it. Edmonton rack at $1.379 today.

[foragefarmer]

WTI $78.34/barrel, two wars going on and other conflicts that don't even make the news anymore, and still no $200.00-$300.00/barrel for oil in sight.

Errol, as for farm commodities there was chatter a year or two ago on Agriville about $53.00/bu. canola. Do you see that happening say maybe within now 6 years? I know that's a long way off, but there were those who were confident of it happening.

When making a farm business decision, do you think it would be wiser to store your canola possibly that long with the hope it hits the $53.00/bu, or selling and putting your money to work right now?

I guess with money on hand, the Dow and Nasdaq which have had a great ride the past week now that it's possible interest hikes are in the rear view mirror could have had a positive return. There's also the option of 5% interest being paid by many financial institutions.

Or like the old saying goes "cash is king" for purchasing local farm land could be wise when it comes up for sale.

Errol what are your thoughts, putting the cash to work right now or storing canola for 6 years?

Always looking for feed back from a market analyst.

[BreadWinner]

Did you say store the canola for 6 years, what have you been smoking?

[errolanderson]

Diesel still going higher in Canada, not sure what is pushing it. Edmonton rack at $1.379 today.

Hopefully, western Cdn rack prices will come down within a few days. Stateside, big drop in diesel prices. Futures have tumbled from $3.05 toward $2.80 per gal over past week. Natural gas also in a dive.

[errolanderson]

Western Cdn Select (WCS) oil heaving toward $49 per barrel today. Alberta government budget projections definitely impacted . . . .

[wheatking16]

Our provincial governments are horrible at price projections. Always too optimistic by finding the narrative that meets their agendas. When wrong they find reason why it was not their fault. Like you say, this oil market feels like it has a lot further to go. The bulls got trapped.

[Rareearth]

What?

There hasn’t been this much “risk” in the world for a long time!

Wouldn’t surprise me another war starts someplace, that’s what governments, dictators do.

[errolanderson]

What?

There hasn’t been this much “risk” in the world for a long time!

Wouldn’t surprise me another war starts someplace, that’s what governments, dictators do.

Demand is king in commodities, not supply. OPEC losing this oil supply manipulation battle. China in deepening recession. U.S. gasoline stocks surging on record oil production stateside.

Let the cartel infighting begin . . . .

[Rareearth]

The solution in the past has been war

[shtferbrains]

Western Cdn Select (WCS) oil heaving toward $49 per barrel today. Alberta government budget projections definitely impacted . . . .

Spread on WCS/Mayan now about $15 ?
The only significant difference is described as one is landlocked.
What happened mid summer to widen that spread?
They quit running the trains?

Lowest oil price in the world?

[furrowtickler]

The solution in the past has been war

Unfortunately that exactly what’s taking place .

[errolanderson]

U.S. MONEY SUPPLY DECLINING: The U.S. money supply is now declining, the 1st time in 90 years. The last time this happened was just before the Great Depression. And a declining M2 money supply is highly deflationary.

Time for central bankers and mainstream media to smell-the- coffee. Banging the inflation drum is only heightening deflationary fallout risk ahead as asset values drop.

Shocked oil bulls watching energy prices get hammered claim this is a fluke-of-nature. It isn’t. Prices are dropping for real. There is simply less money, less consumer buying power. Global commodities now leading this deflationary charge. Errol’s Commodity Wire on Substack.com

[errolanderson]

To start the week . . . Moody’s downgraded U.S. credit rating from stable to negative after the close Friday. Good timing, let traders and investors sweat all weekend.

Europe in economic collapse. Plunging PPI released this morning. Becoming difficult for gov’t circus to avoid all the elephants-in-the-room.

Europe now swimming in record high natural gas stocks. Suffield AECO spot nat gas price has plunged from $2.52 to $2.10 per gigajoule over the past 2 weeks.

[biglentil]

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