Bloomberg report This is an important caveat but isn't really a surprise at this point. OPEC knows that cutting 10 mbpd isn't going to end oversupply. It preserves some of their supplies, wins some political points and many medium-sized producers will still be crushed.
Blogs
Boris Johnson taken out of ICU ward
UK statement Boris Johnson is back in a regular hospital ward. The trillion dollar question is: What did they treat him with? I'm going to speculate a bit here so feel free to ignore, but this argues that there's some treatment out there that's working. The very limited data on plasma is extremely promising but […]
Australian Dollar Threatens Key Level as APAC Traders Eye Omicron News
The risk-sensitive Australian Dollar faces a tough session ahead, with APAC traders set to digest fresh news about the new 'Omicron' Covid-19 variant out of South Africa. AUD/USD is flirting with a…
Oil breaks yesterday's late low as settlement looms
Do you want to be long or short into the weekend? It's tough to be involved in oil over the weekend. The contours of the Saudi deal are clear now and there's still way too much oil in the world but the G20 is coming up tomorrow and you never know what kind of move […]
Oil falls to the lows of the day
Oil under fresh pressure WTI crude oil broke the lows of the day and is now in negative territory. This meeting is being tweeted pretty much in real-time. They're fighting over which months to use as the baseline. Libya, Venezuela and Iran are also being exempted, which is no surprise.
Baker Hughes US oil rig count 504 vs 562 prior
They're shutting down in a hurry US rigs are in freefall. There's an interesting question about OPEC strategy. If I were them, I'd want to put shale on a long-term sustenance diet, rather than immediate starvation. If you force everyone into bankruptcy, Exxon and Chevron come in and buy everything at 2-cents on the dollar […]
The stock market shrugs off another 6M job losses, but off highs
Dow close that highest level since March 10 The major stock indices shrugged off another 6 million job losses and closed higher, but the indices are off highs for the day. The major indices now have 2 day win streak. The Dow closed at the highest level since March 10.The final numbers are showi
WTI crude oil futures settle at $22.76 a barrel
Down $2.33 or -9.29% The high price for the day reached $28.36. The low price extended to $22.57 The details of the OPEC+ deal were underwhelming and the needed cuts to stop up supply are contingent on hopes that other producers around the world would be willing pony up and do their part (including the US). […]
USDCAD moves higher as lower oil weighs on the loonie
Price could not get through recent lows. Sellers turn to buyers The price of oil is getting hit as the OPEC+ deal is built on shaky grounds. The low reached $22.57. The price is currently trading at $23.12 that's down $-1.96 or -7.87%.
USDJPY continues its run lower
Cracks below its 200 and 200 day MAs now The USDJPY run lower has continued with the cracking of the 200 day and 200 hour moving averages at the 108.32 area. The next target comes in at the 50% retracement at 108.141.