Supply Growth: Output Failure and Energy Agency

supply growth: Members of the Organization of Petroleum Exporting Countries are due to meet Nov. 30 to finalize a deal to curb output, according to Bloomberg. Failure to reach one may send oil lower amid relentless global supply growth, the International Energy Agency said Nov. 10. Money managers raised bets on falling oil prices by the most in more than four years in the week leading up to Trump surprise win, amid waning belief in OPEC ability to meaningfully cut production. The market is focused on the OPEC meeting, said Mike Wittner, head of oil-market research at Societe Generale SA in New York. A surge in West Texas Intermediate short positions, or wagers the U.S. benchmark crude will decline, helped send the resulting net-long position to the biggest slump since May 2012 in the week ended Nov. 8, Commodity Futures Trading Commission data show. It looking like the obstacles to an agreement are getting bigger with both Iraq and Iran raising new issues. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; The rally that followed OPEC preliminary deal reached in Algiers on Sept. 28 has evaporated, sending speculators scrambling. (news.financializer.com). As reported in the news.