Summary
– Another meeting.
– Iraq balks and asks for an exemption.
– Processing spreads on their seasonal paths.
– Brent-WTI reflects U.S. inventory withdrawals.
– The $50 pivot point until November 30.
Crude oil traded to just below $40 per barrel in early August, but it recovered as news of another attempt by OPEC and the Russians to stabilize the price of the energy commodity filtered through the market during the late summer. That news brought little but a dubious response from the global oil market. The Doha get-together earlier in the year resulted in nothing more than placing a bright spotlight on the tensions between Saudi Arabia and Iran when it came to the cartel’s strategy and policies for the future.
……also Michael’s Mid-Week Update: Vancouver’s Hot Real Estate Market Not Finished Yet!
