Commodities

Crude oil inventories increased yet again last week.   That’s the 13th straight weekly increase, the longest streak since 1983.

According to the Energy Information Administration, “U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.9 million barrels from the previous week. At 482.4 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years.”

From Bespoke Investment Group:

Nicolas Colas at Convergex puts out an excellent note every morning.  Toady, he describes the long-term relationship between oil and stcks and how they trade.   He is what he had to say.

Despite Falling Oil Prices and Currency Swings, Fundamental Backdrop is Materially Different now than it was in 1998.

From Bloomberg:

Similarities

1) Falling oil prices

2) Currencie sink

3) Fed Policy

Differences

1) Flexible exchange rates

2) Foreign reserves

3) Debt

4) Interest rates

See full article here.