Updated April 18, 2015 4:37 p.m. ET
WASHINGTON—European Central Bank President Mario Draghi on Saturday rejected speculation that Greece may be forced to abandon the euro, reiterating that Europe’s single currency is irrevocable.
First the Ruble going to 80 is misleading, that was a flash crash and all buy/sell orders were cancelled. So really the highest the Ruble got to was 70. Also currency charts are what I look at to determine to go long or short on a foreign market. In July of 2008 the Ruble was 23 then jumped to 39. Look up RUBUSD=X just put it in your quote box, also look at the RSI reading. It hit 80 and that's the highest in 2 years other then it hitting 79 in Sept of 2013 then you can determine if a 4 to 6 week reversal is due, also checkout Russia`s CDS, its insurance incase Russia goes default, and their CDS are higher then countries like Pakistan.
Major Direct Holders (Forms 3 & 4)
BRESKY STEVEN J 2,548 Nov 26, 2013
I believe you have your facts wrong, Bresky is the largest holder in the company with only 2,548 shares, Institutional holders own the bulk of the stock with FMC owning 65,000 shares, just look at institutional holders and add all the stocks they own and it would be impossible for Bresky to own 900,000 shares when their is only 1.14 million shares total outstanding.
Hello Maria, I will only buy this stock if Greece agrees with the EU and they do a reverse split of at least 1 to 25, this stock needs a reverse split in order to make decent money, the volume is way to low except for today, but I hope it shoots up for you. Enjoy your Easter
The ruble carry trade handed investors a 22 percent return so far this year, the most in the world and more than six times the rate for India’s rupee, the second-best performer, according to data compiled by Bloomberg. Gains in local-currency bonds cut government borrowing costs on five-year debt by 3.97 percentage points, the biggest drop among emerging markets, data compiled by Bloomberg show.
That’s enabled the Finance Ministry to almost triple its debt fundraising this year to 126 billion rubles ($2.4 billion), a source of revenue that may help offset the impact of the stronger ruble.
“The government is betting on placing OFZs amid an optimistic market,” PAO Rosbank analyst Evgeny Koshelev in Moscow said by e-mail on Thursday. The Finance Ministry may exceed its 1 trillion ruble OFZ target for the year as it tries to plug the budget deficit, he said.
Analysts polled by Bloomberg increased their forecast for the budget shortfall to 2.6 percent of GDP in March from 2.5 percent in February as the ruble extended its rally. A one-ruble gain versus the greenback cuts revenue by as much as 80 billion rubles, according to Oleg Kouzmin, the chief economist at Renaissance Capital and a former central bank adviser.
The ruble has climbed 17 percent this year, following a 46 percent slide in 2014. Brent crude was at $56.75 a barrel on Friday.
An oil price of $56 should imply a ruble exchange rate of 60 versus the dollar and the current strengthening is “somewhat overdone,” posing a threat to Russia’s economic adjustment, Morgan Stanley said in an e-mailed note dated April 9.
“A stronger ruble erodes the economic benefits” from the devaluation, Alfa’s Bragin said. “And that complicates control over the budget deficit.”
By Ksenia Galouchko
6 hours ago
Vladimir Putin is facing a problem few could have anticipated: The ruble is becoming too strong.
Last year’s worst-performing major currency is this year’s best and while that’s buoying the nation’s bonds, driving yields to the lowest in four months, it’s also crimping Russia’s export revenue. Even though oil is little changed in dollars this year, the price when converted to rubles has plunged to the lowest since 2011.
The currency rout in 2014 helped Russia to keep its budget deficit within 1 percent of gross domestic product as the ruble weakened in lockstep with a 50 percent slump in oil. Now, with the cease-fire in Ukraine and the allure of higher-yielding assets attracting investors to ruble debt, the government is seeing the opposite effect.
“The current ruble level is already uncomfortable for the budget considering the oil price in rubles is already low,” Vladimir Bragin, head of research at Alfa Capital in Moscow, said by phone on Thursday. “In order to reach macroeconomic stability, Russia needs to limit its budget deficit and a weaker ruble is an easy way to do that.”
The ruble’s 14 percent gain this month is making it easier for central bank Governor Elvira Nabiullina to push ahead with rate cuts this year after she hoisted the benchmark to 17 percent in December to stem the currency’s slide. Nabiullina lowered the rate by 3 percentage points so far in 2015.
The Market Vectors Russia ETF (RSX) , the largest and most heavily traded Russia exchange traded fund, is trading lower by 1.3% during Friday’s after-hours session after Moody’s Investors Service lowered its rating on Russia’s sovereign debt to junk status.
In a statement issued Friday, Moody’s said its decision to lower its rating on Russia’s sovereign bonds to Ba1 with a negative outlook was driven by the following factors: h
(1) The continuing crisis in Ukraine and the recent oil price and exchange rate shocks will further undermine Russia’s economic strength and medium-term growth prospects, despite the fiscal and monetary policy responses;
(2) The government’s financial strength will diminish materially as a result of fiscal pressures and the continued erosion of Russia’s foreign exchange (FX) reserves in light of ongoing capital outflows and restricted access to international capital markets;
(3) The risk is rising, although still very low, that the international response to the military conflict in Ukraine triggers a decision by the Russian authorities that directly or indirectly undermines timely payments on external debt service.
Moody’s completes the trifecta of major ratings agencies that have assigned junk credit ratings to Russia.
Last month, S&P lowered its rating on Russian debt to BB+, the highest junk rating, from BBB-, the lowest investment grade. That was after Fitch Ratings lowered Russia’s sovereign credit rating to BBB-, the lowest investment grade, with a negative outlook. Fitch previously rated Russian sovereign debt BBB. [Russia ETFs Fall After Fitch Downgrade]
To RSX’s credit, the ETF closed Friday’s traditional trading hours with a slight gaining, extending its 2015 surge to almost 23%. Not only is that a new bull market for RSX, but that performance is good enough to make the fund 2015’s best-performing non-leveraged ETF less than two months after finished 2014 as one of that year’s worst ETFs.
Some traders could be caught off gua
This part I wrote isn't on top of the page but is my writing, They pumped the Ruby to high to fast and a sharp correction is coming according Russian Times
We fully share the fears about the excessive strengthening of the ruble at the current oil price," ING's chief Russian economist Dmitry Polevoy wrote in a note to investors Thursday. The current mood was similar to the panic that helped contribute to the ruble's collapse in December, Polevoy added.
They pumped the Ruby to high to fast and a sharp correction is coming according Russian Times
The ruble usually trades in sync with the price of oil, Russia's chief export commodity, but the currency continued its upward trajectory despite a sharp oil price fall Wednesday. Crude recovered slightly Thursday to about $56.5 a barrel.
"The ruble is now over-bought and its vigorous strengthening does not have a strong base in the fundamentals," Alexei Yegorov, an analyst at Promsvyazbank wrote in a note to investors published Thursday by RBC.
The recent rally comes on the heels of the currency's huge devaluation in 2014 when the ruble shed 41 percent of its value against the dollar. In December the ruble crashed to 80.1 against the greenback, its lowest level since the late 1990s.
Extreme volatility has become a hallmark of ruble trading since the Central Bank abandoned its targeted intervention policy — selling reserves to keep the currency within a certain value range — in November against a background of oil prices that were plunging downward from summer highs of $115 a barrel.
Analysts cautioned that any correction to the ruble could come without any advance warning.
The currency was "exposed to a sharp reversal," analysts at Sberbank wrote in a note to investors Thursday. "We do not yet see a solid potential trigger but warn that it may appear suddenly," they said.
Here is the biggest pump job in the Russian currency, check for yourself.........................................................
Russian Ruble Aug 14 (RUQ14.CME) -CME
0.0287 Up 0.0010(3.63%) Jun 12
Futures Chain Get Futures Chain for:
Symbol Name Last Trade Change
RUM15.CME Russian Ruble Jun 15 0.0187 8:44PM Up 0.0006(3.39%)
RUU15.CME Russian Ruble Sep 15 0.0167 Apr 3 Down 0.0008 (4.83%)
Today the ruby at .0287 is 37 rubies to the dollar,,, the June contracts are at .0187 that's 53 ruby to the dollar, but the Sept contract is a nightmare for Russia at .0167 that's 59 ruby to the dollar, if June contracts don't start moving higher then the Russian market will tank, as no one rolls high contracts into low contracts.
Yes it was way over sold, but the Russian ruby has been the best performing currency this year. With low oil prices and the ruby being up over 25% means less revenue in oil since oil is bought in dollar. Pumping up the ruby with low oil prices has to be the work of the U.S or middle east country. RUSL on March 13th was 17.95 and closed today at 32.03, that's an 80% increase, and it could go up another day or two but the drop will come, also just added more at 7.84 a share
They only frilled 1 well and its on land, and may take years to develop but the North Sea produced 45 billion barrels over 30 years, a 100 billon barrel find can supply Europe....
Britain just discovered 100 billion barrels of oil near Gatwick Airport
Thursday, 9 April 2015 (11 hours ago)
Britain just discovered 100 billion barrels of oil near Gatwick AirportUK Oil & Gas Investments, the exploration, development and production group, just revealed that it discovered around 100 billion barrels of oil near Gatwick Airport.
The group said in a regulatory statement that there could be up to 100 billion barrels of oil onshore beneath the South of England
Just give him a Russian name and he will stop, lets see Egor should make him happy, also don't forget to short the Russian market, I bought RUSS earlier today as RUSL had to bg of a jump for no reason
First I don't see an increase in oil production in Iran, China and India have been buying all the oil Iran could pump, they found away around the sanctions a few years ago. Both China and India bought oil from Iran in gold, that was the loophole, just google china and india buy oil from iran and pay in gold.
Hello Apple, here`s the EIA report for 2014 on imported oil, and from reading the report we never needed that much oil, its cheaper to buy cheap oil and fill storage, and now they will use it up,,,,,, How much petroleum does the United States import and from where?
The United States imported approximately 9 million barrels per day (MMbbl/d) of petroleum in 2014 from about 80 countries. Petroleum includes crude oil, natural gas plant liquids, liquefied refinery gases, refined petroleum products such as gasoline and diesel fuel, and biofuels, including ethanol and biodiesel. In 2014, about 80% of gross petroleum imports were crude oil, and about 44% of the crude oil that was processed in U.S. refineries was imported.
The United States exported about 4 MMbbl/d of crude oil and petroleum products in 2014, resulting in net imports (imports minus exports) of about 5 MMbbl/d in 2014. Net imports accounted for 27% of the petroleum consumed in the United States, the lowest annual average since 1985.
The top five source countries of U.S. petroleum imports in 2014 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq. The country rankings vary based on gross petroleum imports or net petroleum imports (gross imports minus exports).
If Shale oil producing companies have been going bankrupt, do you think we are producing more oil or buying all the cheap oil we can get? NEW YORK (Reuters) - A month ago, it seemed inevitable: a massive global oversupply of crude oil production would overwhelm storage tanks in Oklahoma and fill supertankers off Singapore.
Now, there are growing signs that the U.S. oil market can avoid the doomsday scenario in which it runs out of room to stockpile surplus crude, a development that oil traders worried would send crude prices into another tailspin.
One reason is that refiners, spurred by high profit margins, are rushing to buy crude and churn out more fuel in response to an unexpectedly swift rise in U.S. road travel and soaring Chinese demand for fuel-hungry sport utility vehicles.
Furthermore, shale oil drillers have hit the brakes on new wells faster than many anticipated. This could throw years of unyielding growth into reverse as early as May.
If you get a chance checkout the video, that was a huge explosion,,,
April 1, 2015, 2:40 PM
Four people were killed and 16 were injured after an oil rig burst into flame in the Gulf of Mexico Wednesday, Mexico's state-run oil company said.
The Abkatun Permanente platform, which sits in the middle of Campeche Bay, erupted in fire in the early morning and forced the evacuation of nearly 300 workers, Pemex said.
Two people were in serious condition as the injured were treated at a hospital in Ciudad del Carmen.
A city emergency services spokesman contradicted Pemex's account and said at least 45 people were injured, RT News reported.
It wasn't immediately clear how the blaze started as eight firefighting boats tried to extinguish it.
Pemex representatives did not immediately respond to the Daily News' request for comment.
General Director Emilio Lozoya Austin is overseeing
The Houthis, who are allied with Yemen's ousted former President Ali Abdullah Saleh, have seen their advance across the country checked in places, but on Wednesday night there were reports that their tanks had entered the port of Aden amid fierce skirmishes.
This week they seized the Indian Ocean port of Shaqra, east of Aden.
Their logistics bases, command and control centres and supply lines have been heavily damaged and yet they are are still largely in control of most of the western half of Yemen, where the civilian population is concentrated.
That poses a dilemma for the Saudi-led coalition: if the air campaign fails to force the Houthis to back down, share power and restore President Hadi's rule, then where do they go from here?
Risks of a ground offensive
The Saudi and Egyptian navies have already reportedly secured the area around the strategic Bab al-Mandab strait that separates the Red Sea from the Gulf of Aden and the Indian Ocean beyond.
Saudi Special Forces were briefly on the ground to rescue the president and others, but a full-scale ground offensive, or even a limited incursion, would be a whole different proposition.
If rig count drops again as it has been doing for months, and with many the shale oil companies in chapter 11 production might slow down in the U.S, rig count comes out at 2pm tomorrow, good luck everyone