What a crock of shit. But I’ll take it.
The New World Order, via the OECD, are very busy this morning trying to jimmy oil prices higher — issuing news that could only be viewed positively by traders.
In short, OPEC is cutting production much faster than previously expected. The IAE announced demand for crude is rising and the vampires at the OECD announced global oil stocks fell the most in three years.
Listen to me, you cannot get better news for crude oil. I told you they wanted crude higher. It’s working.
Source: Briefing
Note that OPEC is currently at 90% compliance with their portion of the coordinated OPEC/non-OPEC output reduction agreement. Saudi Arabia exceeded their portion of the promised 490k barrel/day reduction by 70k barrels/day. Angola & Qatar also cut more than originally expected. IEA also stated the global oil stocks overhang that has weighed on prices should fall by about 600k barrels per day in the next 6 months. Other notable highlights of the report include:
IEA raised global oil demand growth expectations for 2017 to 1.4 mln bpd, up 100k bpd from their previous estimate.
Global oil supplies plunged nearly 1.5 mb/d in Jan, both OPEC and non-OPEC countries produced less.At 96.4 mb/d, world oil production stood 730 kb/d below a year ago, with OPEC posting its first y/y decline since early 2015.
OPEC crude production fell by 1 mb/d to 32.06 mb/d in Jan.
Lower production was partly offset by higher flows from Libya and Nigeria, which are exempt from cuts.OECD total oil stocks fell nearly 800 kb/d in 4Q16, the largest fall in three years.
End-Dec inventories were below 3k mb for the first time since Dec 2015. Stocks continued to build in China and other emerging economies, volumes of oil at sea also increased.
After falling by 0.8 mb/d last year, non-OPEC output will grow by 0.4 mb/d in 2017.Growth is mainly in the Americas, where higher prices are fueling increased investments in US LTO activity and long lead-time projects are coming on stream in Brazil and Canada.
We have the former CEO of Exxon as our Sec of State for Christ’s sake. Get long crude.
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Once the war starts, our domestic energy firms will need all the cash they can get. I plan on giving them some today because I am a patriot, and because I want to win the war.
Time to ditch the Range Rover for a Prius.
Get long that’s a slick easy D
Since when fundamentals mattered when any self-serving dipshit agency can talk the market around in any direction they please. So tired of it.