Here are some items I came across this weekend and this morning that may be of interest:
This one has shale rig break even points, and an overall good read
Iran Sees No Need for Emergency OPEC Meeting: LINK It would appear crude has farther to fall, and more time to do it as OPEC may not meet until next month for their regularly scheduled meeting.
GULF STORM? This from a Raleigh Meteorologist: “We are going to need to watch the Gulf this week. Models show tropical development and an incoming trough could mean a threat to gulf coast” Not sure how much impact that would have on crude at all, likely not much in the face of the glut on the worldwide market, but something that could come to pass.
CORN HARVEST A RECORD: This isn’t news, but the harvest estimates were INCREASED late last week: “USDA is now estimating the total 2014 corn production at the record level of 14.7 billion bushels, which is well above the 13.9 billion bushels produced in 2013.” Grain drying is just starting on a mass scale…should be a fun few weeks
Snowpack in Siberia: This continues to pile up and as this link says, it’s at the equivalent of end of October from a historical standpoint. There is believed to be a relationship between this and colder North American (NA) winters…the more snow in Siberia in October, the more likelihood of a cold NA winter. The analog to this much snow this early is October 2002, and the 2002-2003 which was a very good (and snowy) winter in NA. Here I san analog between today’s snow cover and 2002: LINK. You can google ‘Winter of 2002-2003’ to see a series of items that are written from various geographic points.
The forecast out 15 days or so is mild to above average for most of the country, unchanged from recent forecasts.