Beating That Dead Horse -- Once Again -- July 12, 2019

Let's see:

• global economy: getting worse; getting better; staying the same -- depends on what you read)
• US stock market surges; all indices hitting all-time highs
• Mideast tension: crude oil tankers being seized by various nations around the world
• Mideast tension: US drone shot down by Iran
• OPEC: agrees to extend cuts for another year, +/-
• Gulf of Mexico tropical storm to linger over the coast this weekend 
• huge draw in US crude oil (though it appears the way inventories are defined has changed)

And the headline: the price of oil rises due to decline in rig count. Okay.

Going into the weekend, it appears to me that the price of oil was essentially flat despite many factors. A decline of four rigs week-over-week was meaningless in the big scheme of things.

Had oil dropped a penny, I guess the headline would have been: oil prices fall amid further rig count decline.

******************************

US Labor Secretary Resigns 

Over Handling of the Jeffrey Epstein Case

The worst piece of news that Epstein could have received today with regard to his hopes of being granted bail?

A cabinet member in the Trump administration resigning due to Epstein.

I can't imagine any judge risking his/her career by granting bail to Epstein. If a US cabinet member resigns in the space of 72 hours once the story broke, it can't be good news for Epstein.

Two words: Roman Polanski.