Powell Talks Equities Down, No Relief For European Gas and Power.

Energy Prices (Daily Change)

All prices updated at end of day using CME settlements.

US energy markets were relatively quiet as equities tanked following Jerome Powell’s comments in Jackson Hole.

Markets had begun to take a position that we were nearing the end of rate hikes, but this speculative stance was never supported by Fed commentary.

This speech was really all that mattered today, but I’ll take a stab at listing some other news as well…

+Stocks suffer a washout after Powell’s speech at Jackson Hole – WSJ

Iranian Oil Deal

The prospect of Iranial oil hitting the market has prompted calls from OPEC for production quota cuts. The net affect has been a supported, yet choppy market.

As the Bloomberg article below states, don’t look for anything to come out over the weekend. This is going to take a while, so headlines, leaks, and rumors will continue to drive the market over the next couple of weeks (at least).

+Last chance for America and Iran – Foreign Affairs

+US reacts to Iranian comments on draft nuclear deal – Politico

+US, Iran near nuclear deal whose final push may still take weeks – Bloomberg

+UAE aligned with Saudi thinking on crude markets – Reuters

Macro Energy – Europe

No relief in sight for soaring European natural gas and power prices.

+Forget showering, it’s eat or heat for shocked Europeans hit by energy crisis – Reuters

+ECB rate setters worried weak euro would fuel higher inflation – FT

+Even a jumbo ECB rate hike won’t stop euro from diving – Bloomberg

Macro Economy

See video above…

+Jackson Hole Economic Symposium – KC Fed

Other News

+California’s 2035 banon new gas-powered cars set to apply to Virginia – Virginia Mercury

+Wonking out: Europe and the economics of blackmail – NYT