Storm Coming

It’s still all about the oil. Fundamentals are being completely ignored as the price soars while inventories build. Even the Saudi announcement this morning that they were pumping more, to a new record, failed to put much of a dent.

The expected collapse after the Doha agreement failure has failed to materialize – so far. But that doesn’t mean it is not coming. And then the you-know-what will contact the rotating blades.

Earlier this week, the BoJ stood pat, which was unexpected, apparently. Did it finally decide that it had done enough damage? Seems unlikely, after all these years.

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