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Stock markets are on Venus and the guardians of financial stability on Mars

Published Tuesday, July 29th, 2014

The US applied pressure on EU ministers to agree phase-3 sanctions today on Russia by releasing footage claiming to show artillery and rocket fire on Ukraine from Russian territory even after the downing of MH17. They also revealed that they believe that Russia has seriously breached the agreement on nuclear weapons by test-firing a cruise missile.

The pre-meeting noises are that a new level of sanctions will be agreed ratcheting up tensions and taking us into the unknown as to how President Putin will react. Oil prices did not respond with Brent losing 82cts/bbl (107.57) and WTI 42cts/bbl (101.67).

Reuters reported an important development on the US condensate export front with the news that the US Commerce Department has put at least two companies’ export applications on hold. Presumably the department has been deluged by both applications and protests from companies who have and are investing in splitter capacity in the belief that was the minimum level of “distillation” that would meet requirements as mandated by Congress.

to read the rest of the report, please click here 

Posted by David Hufton