Once again the death of Chinese oil demand has been greatly exaggerated. One must wonder how tight the global oil markets might get if there is indeed a U.S.-China trade deal because already Chinese oil demand is shattering records.
OPEC cuts tweets start coming. Oil prices are waiting on confirmation but if reports are right, the cartel, along with its favorite non-OPEC member Russia, is close to agreeing to an additional 500,000 barrels per day (bpd) production cut
Well OPEC day is here, and the eagerly awaited announcement about their intention on production going forward will be the driving force of the day. Signals are coming from Vienna and the market appears to believe that Saudi Arabia can convince OPEC.
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.
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.