1 February 2019

1) Trump’s Venezuela oil sanctions has put Russia’s massive loans at risk. With loans of over $7 billion dollars from Russia, which were to be repaid in crude oil delivers instead of currency, Russia faces ‘no payment’ until the sanctions are lifted.

2) Because of the increased production of oil in the US and imports from Canada, the use of oil carrying trains is increasing after having declined. Pipe lines are unable to carry the increasing volumes of oil to refineries.

3) Italy is now in negative economic growth for the second quarter, with no prospects of reversal in the near future.

4) 31 JAN 19 Stock market closings:

Dow           24,999.67     down    15.19
Nasdaq        7,281.74          up    98.66
S&P 500       2,704.10          up     23.05

10 Year Yield:    down   at    2.64%

Oil:    up   at    $54.02

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