In my rant on the 5% sell-off in oil on black and blue Friday, I erroneously stated the massive sell-off was on light volume. Well actually, the volume was very high, higher than the recent average.
Oil prices collapsed in what can be described as a post-Thanksgiving turkey shoot. Computer algorithms took suspect headlines and in turn picked-off bullish positions like turkey hunters in a petting zoo.
Going into Thanksgiving Day we have a lot to be thankful for on the energy front. Our nation’s economy has prospered with the shale revolution and we have to thank all of those who risked their capital to make that happen.
Oil prices are on the rebound on increased trade truce hopes as well as speculation that OPEC may try to engineer not only an extension of the current production cut but even an extension.
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.
Oil prices snapped back as it appears that the oil supply adjustment is about to begin. Oil refiners are finally turning the corner, ramping up production to meet outstanding seasonal demand.

The DOE reported Total Crude Oil Inventories increased by 1.4 million barrels to 450.4 million barrels for the week ending November 15, 2019, while the expectations average was for a 1.5 million ba

Oil prices got hit hard as it is unclear that Russia wants to collude further with OPEC and U.S.-China trade talks stall over the same old issues.  
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.