Wednesday, May 30, 2018

OPEC Blinks; WTI Rises; Energy Stocks Surge -- May 30, 2018

Link here. OPEC, non-OPEC sticking ot oil pact but may raise output if needed.
  • Saudi needs $88 oil
  • Saudi trial balloon: will increase production by one million bopd
  • WTI/Brent plummets
  • Saudi clarifies: will increase production if "needed"; LOL 
  • will keep current production through end of 2018; gradual adjustments after that
  • repeat: Saudi needs $88 oil
Weekly crude oil inventories, API data; released at 4:30 p.m. CDT --
  • US crude oil inventories increased by 1.001 million bbls
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