Many questions for oil traders as we go into a Thanksgiving week that may see unusual activity as U.S. trading volume dries up. Oil prices are showing resilience, signaling a much better demand outlook for the global economy.
It’s all about the glut, no oil. It’s all about the glut. No oil, all about the glut, no oil. The oil market has been held back in recent months by concerns that slowing demand would somehow create an oil glut keeping oil prices low.
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.