Energy

What is increasingly looking like a failure of the Saudi government to get foreign interest in the Saudi Aramco public offering is making one wonder if they will still have the same incentive to try and support oil prices.  
I guess $111 billion dollars in profit is not what it used to be. The Saudi Aramco valuation looks as if it is going to come in short of the two trillion-dollar valuation that Saudi Crown Prince Mohammad Bin Salman Al Saud.  
The Energy Information Administration (EIA) reported a 2.2 million barrel (MB) build in crude oil supply helped by a 1.443 million release from the Strategic Petroleum Reserve (SPR), yet once again it was the oil import and export numbers that raised more eyebrows surrounding EIA data.  
The Department of Energy (DOE) reported Total Crude Oil Inventories increased by 2.2 million barrels to 449.0 million barrels for the week ending November 8, 2019, while the expectations average was for a 1.6 million barrel build.
I am not sure if Bamwx Meteorologist Bret Walts makes the weather or just predicts it but yesterday he sure seemed to move the natural gas market! If you have been following the natural gas market lately, you know it has been moving on the weather.
It was not too long ago when people were freaked out about oil. The word was that the world was running out of oil! The world would soon hit so-called "peak oil”,  a point in time when the maximum rate of extraction of petroleum would be reached, after which it was expected to enter terminal decline. Freak out!
Iran raised a few eyeballs after Iranian President Hassan Rouhani said that Iran has a new oil field that would increase Iran's proven reserves by an impressive 53 billion barrels of oil. Overnight, this would increase its proven reserves by about one third.
Oil prices are starting out a bit weak on this Veterans day as OPEC is signaling that there will be an extension of the current production cut but nothing bigger. This comes as the market deals with yet another drop in rig counts and a rebound in OPEC production.
Oil prices started out strong on U.S.-China trade talks only to fade as reports of whether all in the Trump administration are ready to lift tariffs. With U.S. trade war uncertainty, oil is continuing its volatile uptrend.
Are you ignorant or do you have an agenda? Well, maybe both. One reason I might be both is that I was shocked at the stunning 7.9-million-barrel increase in crude oil supply reported by the Energy Information Administration (EIA).