So Much For Sanctions: Russia Is Producing More Oil Than Prior To Its Invasion Of Ukraine
So Much For Sanctions: Russia Is Producing More Oil Than Prior To Its Invasion Of Ukraine
“Asia has saved Russian crude production. Russia, instead of falling further, is almost close to its prepandemic levels.”
Friend of Fringe Finance and well known financial news contributor - as well as 38 year veteran of markets Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.
I’ve been lucky enough to be friendly with Kenny for about a decade now, and he was the first guy to ever take me on what I can only describe as an unauthorized tour of the NYSE trading floor, where I got to personally tell several confused specialists and market makers that the Chinese names they were trading were frauds that didn’t even exist.
The tour didn’t last as long as I would have liked, to say the least. But I’ve always appreciated Kenny’s willingness to welcome people into his busy world for nothing in exchange, and his decades of experience, which gives you a pulse on markets that only time can help you recognize.
For those who aren’t familiar with Kenny or don’t recognize him from TV, he is Managing Partner of Kace Capital Advisors, Chief Market Strategist at SlateStone Wealth, and a Managing Director at Campfire Capital a boutique investment bank. He started his career on the floor of the New York Stock Exchange (NYSE) as an institutional broker back in the early eighties when the march of electronic trading was already taking its first steps, and the great bull was first learning to run.
In today’s post, he talks about Jerome Powell’s testimony on the hill last month, falling yields and oil - which I also provide additional color on.
The post has been lightly edited for punctuation and grammar.
Kenny On Jerome Powell’s Latest Testimony On The Hill In Late June
Day 2 on the Hill for [Jerome Powell] went off without a hitch - that is good. But lawmakers did press him on the possibility of stagflation, asking how the Fed would manage the process if rate increases failed to halt inflation, but succeeded in slowing the economy – think ‘stagflation’?