• 3 minutes TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 30 mins How to Create a Pandemic
  • 25 mins Which producers will shut in first?
  • 1 hour KSA taking Missiles from ?
  • 2 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 2 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 41 mins Trump eyes massive expulsion of suspected Chinese spies
  • 2 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 4 mins Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 15 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 17 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 18 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
Ross McCracken

Ross McCracken

Ross is an energy analyst, writer and consultant who was previously the Managing Editor of Platts Energy Economist

More Info

Oil Price Risk Has Shifted To The Downside

Trade War

The US Federal Reserve cut interest rates July 31 for the first time since the 2008 financial crisis in an effort to keep the US’s long-running economic expansion on course.

It was in many ways an unusual move given the strong labour market, but possible in the absence of significant inflationary pressures. The US Labour Department reported inflation at 1.6% for June, while the employment rate was just 3.8%.

June data for non-defence capital goods excluding aircraft was also unexpectedly strong, rising 1.9% year on year, but the Fed’s move is nonetheless defensive, indicating concerns over the domestic US economy’s resilience in the face of a global slowdown in trade.

Real GDP growth for the second quarter was 2.1% year on year, down from 3.1% in the first quarter, according to the advance estimate published July 31 by the US Bureau of Economic Analysis. Housing starts dropped 3.9% in the first half of the year and home-related retails sales were also negative, despite otherwise robust consumer spending.

Illustrating the difference between the domestic economy and the external trade environment, government spending was up 5.0%, but exports of goods and services fell by the same amount.

The Federal Reserve did not signal that the reduction was the start of a longer-term cycle of rate cutting. However, given flat imports and an overall picture of slowing growth, the need to cut interest rates is a negative indicator when it comes…




Oilprice - The No. 1 Source for Oil & Energy News