Wednesday, April 5, 2017

"Holy Nightmare, Batman, What Do We Do Now?" -- April 5, 2017


April 29, 2017: I'll post the March data when that's released but over at twitter someone says Suadi Arabia's foreign reserves were down another $5.4 billion in March to $508.6 billion (lowest since mid-2011). The monthly range seems to be $3 billion on the low side to as much as $14 billion on the high side. I would say that anything above $5 billion / month is more than noteworthy.

Original Post

This was "last month's" graphic:

That drop from December, 2016, to January, 2017, was ... shocking?

And it's not getting any better.

First, via twitter today: the narrow Brent-Dubai spread makes Atlantic basin oil cheaper for Chinese buyers.

Second, the graphic: 

The x-axis had to be "adjusted" for the most recent data:


This graph takes us back to mid-2015:

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