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Author: The Patriot

WTI/RBOB Jump On Gaosline Draw As US Crude Production Tumbles Most Since August

Last night’s unexpected API builds kneejerked prices lower but a weaker dollar helped levitate WTI/RBOB into the DOE print. While tropical depression Cindy may have affected the data, DOE reports a small build in crude (expectations for a draw) but all eyes were on gasoline which drew 894k, well below API’s build levels and expectation of no change. Production in the Lower 48 fell 55k b/d – the biggest drop since Aug 2016 (likely impacted by Cindy). API Crude +851k (-2.25mm exp) Cushing -678k Gasoline +1.351mm (unch exp) Distillates +678k (+350k exp) DOE Crude +118k (-2.25mm exp) Cushing -297k (-600k exp) Gasoline -894k (unch exp) Distillates -223k (+934k exp) Figures will be tricky to interpret because of impact from tropical depression Cindy, and notably the Colonial Pipeline shipping demand fell to its lowest level in six years indicating the East Coast is well-supplied and the economics to ship from the Gulf Coast are unattractive. The levels are de minimus for sure…but enough to spike WTI/RBOB withg their extreme positioning… As Bloomberg’s Javier Blas notes, forget about crude oil, look at gasoline. The glut in crude appears to be shifting into products as refiners run their plants at record pace. As the 10-year seasonal chart below shows, U.S. gasoline stocks remain above the highest level for this time of the year. But demand for gasoline continues to slide – very...

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Hannity: CNN ‘Unraveling Before Your Eyes’ — ‘They’ve Jumped the Shark’

Tuesday on Fox News Channel’s “Hannity,” host Sean Hannity continued his criticism of CNN for promoting what he called “fake news,” specifically reports tying President Donald Trump to Russia. Hannity’s comments come on the heels of the resignations of three CNN journalists behind an article connecting Trump associate Anthony Scarmucci to a Russian investment fund that CNN was forced to retract and a Project Veritas video showing a CNN producer revealing the emphasis on Trump-Russia stories are for ratings. The Clinton news network is now unraveling before your eyes. It is now being exposed for what it really is, fake news, anti-Trump propaganda and a political smear machine. And that’s tonight’s “Opening Monologue.” All right, the Clinton news network, which is constantly competing with NBC News to be the most anti-Trump news outlet in the country, is under fire yet again, once again pushing fake news. Now, three employees supposedly resigned last night after the network had to retract a completely false story about a Trump ally, friend of mine, Anthony Scaramucci, claiming that he was investigated for colluding with the Russians through dealings with a Russian investment fund. Now, President Trump rightly slammed CNN once again and the rest of the destroy Trump media on Twitter today, writing, quote, “Fake news, CNN is looking at big management changes now that they got caught falsely pushing their phony Russia stories and...

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Car Smashes Into New Ten Commandments Monument at Arkansas State Capitol, Driver Arrested

Share Tweet Email The new Ten Commandments monument outside state Capitol in Little Rock, Ark., is blocked off June 28, 2017, after someone crashed into it with vehicle / AP BY: Jack Heretik Follow @JackHeretikJune 28, 2017 10:21 am A man was arrested Wednesday morning for driving his vehicle into the Ten Commandments monument on the grounds of the Arkansas State Capitol and smashing it to pieces less than 24 hours after the six-foot granite statue was installed. A spokesman for the Arkansas Secretary of State’s Office, Chris Powell, said capitol police arrested a male suspect, who Pulaski County jail records identified as Michael Tate Reed, 32, of Van Buren, Ark., the Associated Press reported. Reed faces preliminary charges of defacing objects of public interest, criminal trespassing, and first-degree criminal mischief. The Ten Commandments statue fell to the ground and broke into several pieces after it was hit by the car. The 6,000-pound monument, which was privately funded, was installed without ceremony Tuesday morning on the southwest lawn of the Capitol in Little Rock. A law in 2015 mandated that the state allow the monument to be displayed near the Capitol. The Ten Commandments Monument Display Act required the secretary of state to permit and arrange for the statue. Last month, a state panel gave final approval to its design and location. Another Ten Commandments monument was destroyed nearly three years ago at Oklahoma’s...

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Payouts Over $25,000 “Will Experience A Delay” As Powerball Pulls Out Of Illinois Today

As if Illinois didn’t have enough to worry about between an imminent downgrade to junk (as soon as July 1), soaring debt costs, insolvent pension funds, and roads that may soon resemble the lunar surface, today in the latest insult to a relentless series of injuries, the lottery itself, including the popular Powerball and Mega Millions, is set to dump Illinois because the state literally can’t afford to payout winners. As we pointed out a few weeks ago, Illinois Lottery spokesman Jason Schaumburg confirmed that the association has had discussions since 2015 about dropping Illinois, but this is the first time the group has taken action. He called it “another example of why the General Assembly needs to deliver a balanced budget to the governor.” According to WGN9, Powerball sales in Illinois will be cut off tonight and Mega Millions will follow on Friday. Here is what the suspension of ticket sales means for Powerball… Powerball sales in Illinois will be suspended at 9:00 p.m. June 28, 2017. All Powerball tickets purchased before that cut-off time will be valid tickets. All active Powerball subscriptions will be cancelled after the last draw on June 28. The Lottery will issue refunds to players for the remaining length of their subscriptions. When a Fiscal Year 2018 appropriation for the Illinois Lottery is passed, the Lottery will work with the Multi-State Lottery Association...

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Fed Raises Student Loan Rates 15% to 4.75 on 10yr Loans and Your Kid is a G-2 Employee

Student Loan Debt Problem Solved via Soren K. Group and Marketslant.com College ain’t what it used to be. And student loans are paving the way to indentured servitude possibly for the next generation. In one admittedly cynical scenario we see in the future a  large number of college graduates unable to repay student loans. We also see a government unable to disclose that default to thepublic and risk its own credit rating being downgraded.  Student Loan Breakdown in 2017 And we see in  this dystopian future recent college graduates being offered deferment and forbearance on their loans if they take government jobs at ridiculously low wages. The deal offered would delay, pay down, or forgive  their loans if they work for the US Gov’t for  10 years. And with one stroke, the US Government has solved unemployment and credit risk to itself. And they have  done  i t (again) on the backs of the working and middle class that some how still thinks the American dream is anything more than a dream. Sound crazy? it is not. Think of the inverse scenario. Law firms and investment banks pay for your MBA if you sign on with them to work for a few more years. Why is it not logical for the US Government to offer jobs to pay for college. A wise woman once said to us in 1983:...

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