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MNI Weekly: OPEC+ Speculators Side Swiped by Group Discontent Pushing Meet Deeper Next Week

OIL
  • OPEC+ Speculators Side Swiped by Group Discontent Pushing Meet Deeper Next Week: An apparent rift between OPEC+ members has pushed this weekend’s meet from Nov. 26 to Nov. 30 as the group tries to find some alignment, apparently driven by a lack of African nation cohesion with proposed quotas.


  • Oil Markets: Oil markets have been hammered by uncertainty in OPEC+ policy that had widely been expected to be rolled into 2024 or possibly deepened further before the postponed meeting. Brent and WTI futures dropped +4% as a result on Wednesday.


  • Gas Markets: European natural gas prices have eased back in the past week amid easing fears of LNG supply disruptions, milder weather, and sufficient supplies. US natgas prices also edged lower due to sustained high production and below-average consumption. Asian LNG appetite remained limited due to a lack of cold weather and high stocks.


Full piece here:

MNI Commodity Weekly - OPEC+ Speculators Side Swiped by Group Discontent Pushing Meet to Next Week.pdf

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