Saudi Arabia said they will do whatever it takes to balance the oil market, again.
Following the publication of the weekly EIA oil inventories report, WTI crude prices initially fell.
A black cat crossed the oil bears path this morning as the market is now soundly rejecting the International Energy Agencies downbeat assessment of oil prices in 2018.
While OPEC and The Energy Information Administration raising its outlook for demand and lowers its projection for global Non-OPEC production, The International Energy Agency (IEA) releases a report that shows that tries to talk down demand next year admit they underestimated demand this year.
Do they see what I see? OPEC’s Secretary General Mohammad Barkindo is telling us that the global oil market is rebalancing fast as the glut of refined products is gone as he and OPEC take a victory lap ahead of their November OPEC meeting.
Down but never out. The U.S. energy industry had an amazing comeback raising refining runs to almost pre-Hurricane Harvey levels in what can only be described as a heroic effort.
Oil is officially back in a bull market even as a rising dollar is causing some profit taking early.
Hurricane activity and a big drop in U.S. rig counts will force traders to look at forces that may hit both supply and demand.
Risk assets failed to launch even after North Korea fired a missile over the northern part of Japan and reports of a terror attack on a London subway or the “tube” in rush hour.
While Florida and the rest of the Gulf Coast deal with the aftermath of Hurricane Harvey and Irma and the energy markets assess the short-term demand destruction, in the bigger picture for energy, we are getting very bullish data in supply versus demand.