Market Down 100+ Points On WTI Pullback -- July 25, 2016

The market is down because of the pullback in the price of WTI, now under $44/bbl. Even though the market is down 100+ points in mid-day trading, there are 225 new 52-week highs on the NYSE, including:

• CenterPoint Energy
• El Paso Electric
• Exelon
• FirstEnergy
• Murphy USA

New 52-weeks lows on the NYSE: 9

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Going Bonkers

I used to think the Christian Science Monitor was a reputable publication. But it appears they, too, have gone a bit bonkers. It's bad enough the UN sponsored this research but it goes beyond the pale that the CSM would actually publish the results and the conclusions. The UN now blames "agriculture" for rising "emissions" that contribute to global warming. [Yes, I understand their "reasoning" -- the fact that forests are being cut down.]

Food production accounts for approximately 30 percent of global greenhouse gas emissions. Currently, 21 percent of these emissions come from deforestation and land use changes that are a result of agriculture.

The report concludes:

The report concludes with words of caution: “If we depend on current yield trends alone to meet future demand for food, we will need the entire global emissions allowance for keeping global average temperatures below two degrees Celsius. That would leave virtually no emissions for all other sectors, including energy production, industry, and transport.”

As Don has noted: we're all going to have to quit eating if we want to stop global warming. 

But look at that conclusion again. Remember, this was written by really smart people:

"We will need the entire global emissions allowance for keeping global average temperatures below two degrees Celsius."

Obviously they did not mean that, and this report would have been proofread a gazillion times before publication. If we get the average global temperature down to below two degrees Celsius it's going to be awfully cold. Unless things have changed, I believe water freezes at 0 degrees Celsius at one atmosphere pressure.

But regardless, we're doing all this to prevent an average increase of only two degrees. Over the next century. Yesterday it was air conditioners; today, it's agriculture. Tomorrow it will be cattle farting. Oh, we already had that one.

As Queen says: "When the temperature outside rises ...

I'm Going Slightly Mad, Queen