In short:
Watch out for the OPEC meeting this week as desperation can become the killer of solidarity, Easing energy pressures lending a helping hand to the EM space, Industrial metals screaming for more Chinese credit impulses
In short:
Watch out for the OPEC meeting this week as desperation can become the killer of solidarity, Easing energy pressures lending a helping hand to the EM space, Industrial metals screaming for more Chinese credit impulses
Will OPEC+ be able to rock the boat in energy markets again? Saudi Arabian budget break-evens are probably 5-7$ above current selling prices and MBS could be tempted to try and force the price higher again. The issue is that China is not playing ball and other OPEC+ members oppose further production cuts.
Is the massive OPEC+ cut bullish for oil? Or will the price action resemble former supply cuts? Empirical data suggests that it is not bullish oil, but a recession is needed to bring oil lower now.