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13.05.26 - 19:42
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WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped (ZeroHedge)
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WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped
Oil prices are higher this morning (extending its 8%-plus surge of the last three days) as Middle East tensions simmer and global stockpiles shrink at a record pace.
WTI topped $103 and Brent crude traded near $108 a barrel, erasing its retreat earlier on Wednesday, after the IEA said global observed oil inventories declined at a rate of about 4 million barrels a day in March and April.
Saudi Arabia told OPEC that its output sank to the lowest level since 1990.
“With global oil inventories already drawing at a record clip, further price volatility appears likely ahead of the peak summer demand period,” the Paris-based IEA said in its Oil Market Report.
The market will remain “severely undersupplied” until October even if the conflict ends next month, the agency said.
For obvious reasons, this morning's official inventory and supply data (for the US) is now top of mind.
API
Crude -2.2mm
Cushing
...
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13.05.26 - 19:42
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′Obvious Dangers′: Gabbard Probing US Funding To International Biolabs (ZeroHedge)
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'Obvious Dangers': Gabbard Probing US Funding To International Biolabs
Authored by Zachary Stieber via The Epoch Times,
U.S. Director of National Intelligence Tulsi Gabbard and other intelligence officials are investigating U.S. funding to overseas laboratories handling biological research.
Initial searches of intelligence files showed that the U.S. government has provided money to more than 120 biolaboratories in more than 30 countries, a spokesperson for the Office of the Director of National Intelligence told The Epoch Times in an email on May 12.
That includes biolabs in Ukraine that “may be at risk of compromise due to the ongoing Russia-Ukraine war” and other laboratories that have researched highly contagious pathogens, potentially including research that enhanced the pathogens' virulence or transmissibility, with little visibility or oversight, according to the office.
The Department of Defense in a 2022 document said the United States had invested approximately $200 million sin...
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13.05.26 - 19:42
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IEA Revises 2026 Forecast: Global Oil Supply To Plunge Below Demand This Year (ZeroHedge)
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IEA Revises 2026 Forecast: Global Oil Supply To Plunge Below Demand This Year
Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus, OilPrice reports citing the latest IEA data.
"With Hormuz tanker traffic still restricted, cumulative supply losses from Middle East Gulf producers already exceed 1 billion barrels with more than 14 million (barrels per day) of oil now shut in, an unprecedented supply shock," said the agency, which advises industrialized countries.
According to the May 2026 Oil Market Report by the International Energy Agency (IEA), global oil supply is projected to fall by 3.9 million bpd across 2026, with ~10.5 million bpd of Gulf oil production currently offline.
Global oil stocks are depleting at a record pace as supply losses from disruptions to flows via the Strait of Hormuz keep mounting
Producers & consumers are responding to the market signals, with Atlantic ...
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13.05.26 - 19:42
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U.S. Wheat Crop Forecast To Hit Half-Century Low As Drought Hits Breadbasket (ZeroHedge)
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U.S. Wheat Crop Forecast To Hit Half-Century Low As Drought Hits Breadbasket
Chicago wheat futures surged on Tuesday, hitting two-year highs after the USDA's latest WASDE report signaled a much tighter U.S. supply outlook than traders had anticipated.
Production stress across America's breadbasket is now converging with a megadrought and mounting fertilizer constraints, adding upward pressure on prices at a time when global food prices are rising.
?Due to poor crop health and a record-low planted area, the United States will produce the smallest wheat volume since 1972.
2026 winter wheat output (67% of total output) by class is seen at the lowest levels since:
All winter: 1965
Hard red winter: 1957
Soft red winter: 2020 pic.twitter.com/OcIP3DA0VS
— Karen Braun (@kannbwx) May 12, 2026
The USDA forecast 2026/27 U.S. all-wheat production at 1.56 billion bushels, sharply below Wall Street expectations of around 1.74 billion, marking the smallest harvest since 1972.
??The U.S. in 2026 ...
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13.05.26 - 19:42
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Goldman Flags Troubling Mortgage Delinquency Rise Across This U.S. Region (ZeroHedge)
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Goldman Flags Troubling Mortgage Delinquency Rise Across This U.S. Region
Mortgage delinquencies fell slightly in March, with the first-lien delinquency rate declining to 3.35%, down 37 basis points from February, as seasonal factors and tax refunds supported borrowers.
The real estate and mortgage industry outlet HousingWire cited Intercontinental Exchange's May 2026 Mortgage Monitor report, which showed that while the overall mortgage delinquency rate fell in March, there was still concern over serious delinquencies and foreclosures, which are up by 154,000 borrowers from one year ago.
The increase was driven mostly by FHA loans, which rose by 164,000 and now account for a record 55% of seriously past-due mortgages. Overall, 1.6% of active mortgages are seriously delinquent, up 20% year over year.
Adding to the mortgage delinquency story is Goldman analyst Jason Acosta, who released a note earlier today, showing what he described to clients as the "chart of the day."
The chart indicates tha...
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13.05.26 - 19:42
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Treasury Department Alerts US Banks To Suspected Iranian Money Laundering Efforts (ZeroHedge)
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Treasury Department Alerts US Banks To Suspected Iranian Money Laundering Efforts
Authored by Victoria Friedman via The Epoch Times (emphasis ours),
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) on May 11 issued an alert to financial institutions warning them of efforts by the Iranian Islamic Revolutionary Guard Corps (IRGC) to evade sanctions.
The U.S. Department of the Treasury in Washington on June 30, 2025.Madalina Kilroy/The Epoch Times
FinCEN said in a statement that the IRGC has been facilitating and laundering the proceeds of illicit oil sales using networks of financial facilitators and shell companies. The alert provides red flags on the IRGC's oil smuggling, digital assets, and front-company abuse to aid financial institutions in detecting and reporting suspicious activity, the statement said.
Treasury Secretary Scott Bessent said that financial institutions have a responsibility to stop this activity.
“Degraded by Economic Fury, the Iranian ...
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