Anybody hear Naimi yesterday? Saudis think demand goes higher.
Brent pulling back today albeit well off the lows as of early afternoon as we hear headlines of an OPEC meeting potentially called early (although the sources of this meeting seem to be only forces who benefit from the cartel holding an emergency meeting) but also now having digested last week’s inventory and rig count data.
Brent up another 3% today. Not only did the market over-react on U.S. oil supply issues not a demand based fall in prices that people that only now are some grudgingly admitting but on the downside.
Emerging Money Daily Audio Call February 5 – On the call today we talk about the rally in global markets
Fast forward 1 week and here is the chart today, one week later and 23% higher. Underlying equities have also rallied.
Demand is still growing – not shrinking. Supply will be a fluid issue but OPEC is in shambles, investments have already been cut dramatically, by just looking at big oil earnings last week and prior: capex dump, see
Emerging Money Daily Audio Call January 30 – Your Ticket Around The World – On the call today we talk about
The spot price of crude oil pushed higher in the news of Saudia Arabia King Abdullah’s passing. The bulls are speculating on a shift in Saudia Arabia’s policy of letting crude prices to fall.