Anirudh Sethi Reuters sources
More from these “OPEC experts”.
Recommend minister debate that an oil output cut of between 4% & 4.5% for each member be debated next week
Libya and Nigeria could be excluded from cuts
Sources say Iran, Iraq and Indonesia have reservations about a cut
Brent spiked to 49.15 on the cut talk but then dumped to 48.55 on the details.
We heard earlier that the Iraqi foreign minister was against any cuts so it might be a hard sell to others. This is also “to be debated” another time so there’s nothing really tangible to buy on here. All the same, at least we’re getting some of the finer details being discussed.
Anirudh Sethi Vampire Squid out with another forecast for next year 21 Nov
Our good friends at Livesquawk reporting
base case is for an OPEC production cut and Russia production freeze Anirudh Sethi Reuters with headline comment from Putin On oil – Russia ready to freeze output at current level Will not be difficuly for Russia to freeze oil output Sees high probability of oil freeze to be reached, no damage to Russiona oil firms Sees no contradictions within OPREC Says cannot say if oil freeze deal would be reached 100%
Putin made non-oil remarks also, Brexit, Trump etc. Not clear if these were between guffaws.
Anirudh Sethi Weekly US Rig count The Baker Hughes rig count for the current week shows: Oil rigs 471 vs 452 last week. Up 19 on the week. Gas rigs 116 vs 115 last week. Up 1 on the week Total rigs 588 vs 568 last week. Plus 20 on the week The total and oil rig counts are the highest since January 29 2016
Anirudh Sethi Gasoline inventories 746K vs -1100K Crude oil inventories build 5274K versus 1000 K Cushion crude oil inventories plus 691K vs. +40K Gasoline inventories 746K vs -1100K Distillates 310K vs -1750K est. Refinery utilization 2.1% vs 0.50%
The inventory data showed higher builds than estimates across the board.
Crude oil futures are lower after the data with the price testing the lows from earlier today at $45.00 level. The low today has reached $45.03. The high reached $46.18.
Anirudh Sethi The official data point comes from the Energy Information Administration (EIA) on Wednesday morning (US time) This is a private survey. Sometimes the two reports are correlated! Sometimes … well … not.
The announcement of the bigger than expected build in inventory saw a price wobble, now the price is just a little lower than pre-announcement Anirudh Sethi Crude oil futures are up over 5.6% on production cut hopes Those who know………………what we told in Evening (Already minted tons of money ) Enter password below to view full version of this post Anirudh Sethi Bloodbath in GOLD ,SILVER Continueeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee Enter password below to view full version of this post Anirudh Sethi The latest OPEC report now out The headline numbers are from OPEC’s secondary sources Iran says it raised output to 3.92mbpd vs secondary sources estimate of 3.69mbpd Leaves 2017 world oil demand growth forecast at 1.15mbpd Expects 2017 non-OPEC supply to rise 230kbpd vs 240k prior Raises 2017 OPEC demand est by 100kbpd to 32.69mbpd Report implies 2017 global oil market will see average of 950kbpd surplus vs 800k prior Not too far from the IEA output report yesterday. Whatever deal comes (or doesn’t come) in Vienna at the end of the month, everyone is still going gung-ho on pumping.