US Oil Production….    powered higher to 9.8 million barrels per day (mbpd) despite oil-drilling rig count declining from 749 on December 1st to 747 on December 29th.  I often show the graph to the right because the markets seem preoccupied with more transitory and emotional factors such as weather and…

Base Case for 2018 is Continued Global Growth:  Based on the reviewed projections, we expect global growth to be around positive 3%.  The “synchronized global growth” theme is not unusual these days; however our perceptions to the risks are unique.  To start, China should continue to help the averages at…

On Oil in 2018:  OPEC and Russia’s suppressed production attracts the headlines, but the western hemisphere is going full bore to take advantage of any price increases.  US production motored higher to a new peak of almost 9.7 million barrels per day (mbpd), fully recovering from the season’s damaging hurricanes…

Macro: Americas The Federal Reserve Acted as Expected at their September meeting with a modest start to reducing their $4.5 trillion balance sheet in Q4 2017 by not reinvesting principal and interest.  The first quarter starts at $10 billion per month in non-investment and steps up to $50 billion over…