INSTANT FOSSIL FUEL EXPERT: Dan Perkins, is a Registered Investment Adviser with over 40 years of investments experience investing in all asset classes all over the world. Energy has been a core investment for Mr. Perkins and his clients for the last 25 years. His energy experience includes direct ownership oil, natural gas wells and drillers, pipeline companies, and royalty trusts along with Master Limited Partnership. In recent years he has invested in Compressed Natural Gas conversion of trucking and public transportation fleets away from diesel fuel.
"A brutal new year selloff in oil markets deepened on Monday, with prices plunging more than 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude into the $20s.
On Monday, China's blue-chip stocks fell by another 5 percent and overnight interest rates for the yuan outside of China soared to nearly 40 percent, their highest since the launch of the offshore market.
Morgan Stanley warned that a further devaluation of the yuan could send oil prices spiraling lower still, extending the year's nearly 15 percent slide.
While China's ructions are spooking traders over the outlook for demand from the world's No. 2 consumer, drillers in the United States say they are focused are keeping their wells running as long as possible, despite the slump, executives told a Goldman Sachs conference last week.
U.S. West Texas Intermediate (WTI) crude settled at $31.41 a barrel, down $1.75, or 5.28, having early fallen to $31.88, an intraday low going back to December 2003.
Brent crude futures were down by $1.99 at $31.56 a barrel, after falling to the lowest level since April 2004.
The markets are positioned in a way where "traders are afraid to be long," said Clayton Vernon, a trader and economist with Aquivia LLC in New Jersey. "The firm push for normalization with Iran has taken the last shred of geopolitical risk out of traders' minds."
BIO: Author and master storyteller Dan Perkins presents the first book in his trilogy about terrorism against the United States. The first in the series, The Brotherhood of the Red Nile, A Terrorist Perspective, has propelled him to national acclaim with interviews on radio, television and in-print. With the second installment, The Brotherhood of the Red Nile, America Rebuilds, we get a closer look into the mind of an ingenious writer. Picking up where book one ends, book two delivers more intrigue and mystery while striking terror in the hearts of readers as we ask the question: How in the world can we stop this from happening?
TWITTER: @dansbeak
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