US gas ends the year as the king of commodities, up 19% YTD at $4.31/mmbtu as the injection trend reversed to a bullish storage withdrawal in the past two months. Looking to 2014, exports + coal plant retirements adding 3bcf/d of demand keep me confident of improving US gas prices. Total working storage is now at 2,974 Bcf, 562 Bcf below last year’s 3,536 Bcf and 289 Bcf below the 5-year average of 3,263 Bcf. Continue reading Commodities Update
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Commodities Update: More Supply… Don’t Bet On Price Inflation
Brent – WTI differential shrunk recently from $20 to $11.5/bbl.WTI rallied due to the Keystone line fill. Before the pipeline goes into service it needs to be filled up with oil (600kbpd) so there is a continuous flow once it starts up. The pipeline is 485 miles long and goes from Cushing, OK to Nederland, TX. Careful, this is a technical and temporary effect. Continue reading Commodities Update: More Supply… Don’t Bet On Price Inflation
My Favourite Pop Christmas Songs
1) “Winter Symphony” (Brian Wilson, “Christmas Album” (Extended Edition) by The Beach Boys).Brian Wilson was going through a rough period in the mid 70s, locked in his home, not daring to leave, battling the demons of drugs, mental illness and an abusive environment. However, in the 70s he sporadically wrote gems like this evocative Christmas song, particularly coming from a person who has never lived outside of California. This song remained unpublished and only available on bootlegs for many years. For me one of Brian Wilson’s masterpieces. We love you, Brian!
Bitcoin. Free currency? Bubble? Or Ponzi Scheme?
Bitcoin is the beginning of something great: a currency without a government, something Necessary and imperative – Nassim Taleb
I do not understand Bitcoin, but I do not understand women either and I am married – U.S. trader
During the intense weeks promoting my book Journey to Economic Freedom I’ve been asked several times about my opinion on Bitcoin , the so-called “virtual currency” that has increased in price more than 100 times in eleven months. Continue reading Bitcoin. Free currency? Bubble? Or Ponzi Scheme?