HALF-FULL REPORT 06/27/14
Before we descend into overwhelm regarding all that's been going on this week, let's first talk about the price of oil.
After Stone Age Moslem marauders seized Mosul on June 11 and seemed poised to march on Baghdad, oil traders on both sides of the Pond panicked, sending Brent crude in Europe to a year-high of $116 and WTI in the US to $108. Energy pundits breathlessly predicted soaring prices to $120 and far beyond.
Yet since the panic spike, both prices have been dropping. Today (6/27), Brent is at $113, WTI a little above $105. How come? One primary reason is the Kurds...
...America's leader doesn't have the cojones to stand up to Putin's bullying, but the leaders of Ukraine, Moldova, and Georgia sure do. Today (6/27) in Brussels, they -- Ukrainian President Petro Poroshenko, Georgian Prime Minister Irakli Garibashvili, and Moldovan Prime Minister Iurie Leanca - signed formal political and economic accords with the European Union.
Putin stamped his foot and made all kinds of threats should they do so, and they shrugged and signed anyway...
...
In addition to Jack Kelly standing in for me last week with another of his great HFRs, he also helped me keep abreast of what's been going on this week while I've been in Namibia. Here are some excerpts from what he tells me: