Oil shock moderated by recession fears

Bad news canceled out by worse news ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Is Saudi Arabia going it alone on oil? The Kingdom recently slashed output big time when it comes to oil production. Yet prices retreated modestly yesterday, dropping by about 1%. Citi analysts argue that Saudi Arabia will not be able to drive oil prices to between $80 and $90 a barrel because of overall economic weakness, including a possible recession in the United States and Europe, as well as slower than anticipated economic growth in China. Of course, for those trying to stick to happy talk about the economy, this is the worst possible framing. Don't worry, oil prices aren't going up. Why? Because the economy is collapsing anyway. Hooray! The truth is that the American economy is stronger than anticipated, as shown by the most recent job report. If there is a recession, it may be something that the Fed is forced to cause itself in order to limit inflation. The Australian central bank's recent decision to hike interest rates could be a sign of things to come. If demand for crude oil is low, it's not because the oil market is stable. It's because the market as a whole has bigger problems. It doesn't solve the larger production crisis. And it is probably going to get worse before it gets better... especially as the war in Ukraine enters a critical new stage. Keep Moving, Corey Snyder Publisher, Rogue Investing P.S. The oil issue is not going away. [Click here to see the predictions I made that are coming true today.]( WORD ON THE STREET CRISIS In Ukraine As Flooding Sweeps Entire Region - Move Over Scotland, Saudi Arabia New Golf Superpower - The PGA Tour is merging with LIV Golf, an entity backed by Saudi Arabia's Public Investment Fund. It would end major antitrust lawsuits and, incredibly, create an even larger golf conglomerate that would dominate the professional scene. - An Ecological Catastrophe - About 22,000 people in the Kherson region have been hit by the destruction of an important dam in southern Ukraine. American intelligence is blaming Russia, though Moscow claims that this is absurd and blames Ukraine. President Volodymyr Zelenskyy has called the attack an "environmental bomb of mass destruction." Unless it somehow stymies Ukrainian forces, it's unclear how Russia would benefit from the attack, as Crimea's water supply is now at risk - Pileup At The Port - Labor issues are bringing cargo shipments at some West Coast ports to a standstill. Shipments from Denver to LA have been halted by Union Pacific due to union workers not showing up, and negotiations between the ILWU longshoremen union and the Pacific Maritime Association are ongoing. It's no big deal. Los Angeles is only the country's biggest port. - World Bank Warns On Global Economy - The world economy will only grow by 2.1% this year, a full percentage point lower than growth in 2022. Advanced economies will shrink to just 0.7% this year. The estimates come from the World Bank - and make all those boasts of the "Roaring Twenties" look ridiculous. HOT SPOTS: What's Going on in Geopolitics - "New Era" For Iran And Saudi Arabia - Iran officially opened its new embassy in Saudi Arabia, beginning what its Deputy Foreign Minister called a "new era." The two powers had cut relations in 2016 but have moved closer together since a deal brokered by China. - Kyrgyzstan Crushes Coup – At least 30 people have been arrested in Kyrgyzstan after the government claims to have squashed a coup attempt. State security explained that it had uncovered a conspiracy to organize riots and then "seize power by force." - China Cracks Down On Protests In Hong Kong - At least 24 people were arrested in Hong Kong as scattered protesters attempted to honor the victims of Tiananmen Square. Authorities acted under the "national security law" passed in 2020 under cover of the COVID-19 pandemic that essentially outlawed vigils and protests. CUTTING EDGE: What[']( Happening In Tech - Ford Recalls EV's - Ford is recalling 125,322 electric vehicles, including SUVs and pickup trucks. The issue is that certain leaked engine fluids and fuel vapor could cause fires. Nonetheless, F was up 2.7% yesterday. - Reddit Slashing Staff – About 90 staffers will be losing their robs at Reddit, as the social media platform is the latest company seeking to control expenses. Hiring is also slowing. The goal is to break even - sometime next year. Grim stuff.  - France Stands Up For AI - France's Digital Minister says proposed EU legislation is too stringent and risks destroying the possibility of a European ChatGPT. "The objective is not to see non-European dialogue systems set up in Europe, but rather to see European ones develop," said French digital minister Jean-Noel Barrot. "However, we must take these signs into account and avoid taking Europe out of the technology history." In the Gaullist tradition, if the EU is moving towards consensus, it's France's job to push back FOR YOUR CONSIDERATION --------------------------------------------------------------- "They finally did it." This isn't a drill. The SEC is finally coming for crypto with a devastating one-two punch against Binance and Coinbase. However, another lawsuit could determine crypto's fate. Still, Mr. X explains that the SEC's intentions are clear, and crypto's fate is probably in the courts' hands, not in the market's. [THE NEXT CRYPTO CRISIS]( Enjoying Dawn Report? Learn something, made some money? SHARE YOUR STORY WITH US OR TELL US HOW TO SERVE YOU BETTER. Let us know at info@rogueinvesting.com You’re receiving this email because you're signed up for alerts from Dawn Report. Make sure to keep them coming by [whitelisting Rogue Investing](. 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