the glut

market vibes

“A big crop gets bigger, a small crop gets smaller.” Anonymous: trader’s adage.

PPI came in hot… revisions?

Bitcoin hit a new all-time high $124,400 in Asia.

Yesterday the IEA and EIA forecast a glut of crude in coming months. This morning the EIA lowered its Henry Hub price estimate for the rest of the year by 3%. According to OilPrice drill rigs are being deployed to gas-intensive shale plays (the Permian, Haynesville and Appalachia regions). Baker Hughes reported on Aug. 8 that 19 more rigs were drilling for natural gas than at the start of April, an 18 percent increase.

In the markets

Bitcoin made new all time highs last night. What better place for an IBIT pre expiration smackdown. You didn’t think Blackrock was going to let you win… did you? I’m not going to laugh but it’s so obvious it’s comical.

Next up, comments on our erstwhile mighty buck, stocks courtsy politely post PPI, entropic or not in gold, silver bracing for the “slam”, a glut of gas, bonds might be better than gold… and telling a bubble from a boom in the vibe… here we go.