So, I didn't have time to blog until the trading day ended. Here's what caught my eye today ...
Gold, Precious Metals Fall in New York as Investors Sell to Raise Cash Gold fell as investors sold commodities to raise cash and cover losses in other markets. Silver fell a two-year low and platinum dropped the most since at least 1986.
Oil at 7-month low on Wall Street woes
Oil prices settled at a seven-month low Tuesday as the meltdown on Wall Street pulled the oil market's focus to the economic slowdown that has already been cutting away at demand for energy.
XX Sean’s note – I think oil is due for a bounce, but just in case, I’ve taken protective action in the RGS and RCE portfolios. Once these sell-offs get started, they can go further, faster, than might seem logical or even possible.
Saudi Arabia Will Probably Cut Oil Supply, Riyadh Banker Says
Saudi Arabia, the world's biggest crude oil exporter, will probably reduce supplies before the next OPEC meeting in December after the group pledged to respect output quotas, a Riyadh-based banker said.
XX It’s like we’re buying oil from a split personality. Will the Saudis cut production? They’ve muddled the waters so much that it’s impossible to tell. Maybe that was their aim all along.
By the way, The new OPEC Monthly Oil Market Report came out this morning. OPEC cut its 2008 forecast oil demand growth. OPEC now expects that Oil demand will rise by 880,000 barrels per day (bpd) this year, 120,000 bpd less than the previous forecast.
Nigerian militants say Shell pipeline destroyed
LAGOS (AFP) - A Nigerian rebel group said Tuesday it had blown up and destroyed a Royal Dutch Shell pipeline in the latest attack in its "oil war" on western firms.
Weak oil and debt markets may bedevil oil sands plans
CALGARY, Alberta (Reuters) - A double whammy of tumbling crude prices and shaky credit markets could force some companies to delay multibillion-dollar Canadian oil sands projects, cutting the country's overall output forecast.
XX Sean’s note – this applies to oil sands companies that use bucket loaders to move tons of sand, not SAGD companies like the one in the RCS portfolio – that has a much lower cost structure.
U.S. Stocks Climb on Speculation Fed Will Rescue Insurer AIG From Collapse U.S. stocks rose, helping the Standard & Poor's 500 Index rebound from its steepest drop in seven years, as expectations grew the Federal Reserve may rescue American International Group Inc. from collapse.
Consumer Prices in U.S. Fall First Time in Almost Two Years as Fuel Drops U.S. consumer prices fell in August for the first time in almost two years as fuel costs declined from record levels.
Texas Struggles to Prevent Health Crisis After Ike Cuts Off Water, Power Three days after Hurricane Ike delivered a less-powerful punch than predicted, coastal Texas is struggling to fend off a health-care crisis.
China May Cut Rates Again, Increase Lending, Spend More to Boost Economy China may cut interest rates again, ease limits on bank lending and boost spending to spur economic growth after lowering borrowing costs for the first time in six years.
Canada July Factory Sales Gain More-Than-Expected 2.7% on Metals, Vehicles Canadian factory shipments rose 2.7 percent in July, almost three times as much as economists anticipated, on higher sales of metals and motor vehicles.