Oil Glut Worries Persist. Trump thanks Saudi Arabia for lower oil prices. Trump thanks Saudis for $54 oil, but says in Wednesday tweet, ‘let’s go lower.’ U.S. consumer sentiment deteriorates more than initially estimated in November. U.S. durable goods orders plunge 4.4% in October, much more than expected. Dozens of banks have exposure to GE’s $41B in credit lines.
Oil Slumps 7 Percent As Equities Slide Fuels Demand Worries. Household debt hit a record high of $13.5 trillion last quarter. Subprime rises: Credit card delinquencies blow through financial-crisis peak at the 4,705 smaller U.S. banks. Saudi crown prince ordered Khashoggi’s assassination: CIA. Pence: U.S. will hold those responsible for Khashoggi’s murder accountable. Home builder confidence tumbles the most since 2014 as housing headwinds catch up. Bitterly cold Thanksgiving will be among the coldest on record in parts of the Northeast. Trump stands by Saudi Arabia despite Khashoggi murder.
Sterling, Euro Stocks Scuttled As Brexit Deal Hits The Rocks. Theresa May’s job hangs by a thread today as she was hit by a wave of resignations over her Brexit plan. Saudi Arabia to seek death penalty for 5 accused in Khashoggi killing. Record U.S., Russia and Saudi oil production means supply well outstrips global demand: IEA. Theresa May on the brink after wave of resignations in protest at her Brexit deal that ‘blackmails the country.’ Trump takes aim at Mueller as speculation over Russia probe’s end grows. J.C. Penney gives gloomy outlook before holidays. U.S. levels sanctions on 17 Saudis for alleged involvement in Khashoggi killing.
Don’t Be Fooled! OPEC Will Pull Barrels Out Of The Market
Oil market manipulators have flushed the toilet on the longs. Open interest is plunging and oil is a great opportunity. A $20 rally in oil is in the cards. And OPEC has the power to do it. All they have to do is turn a valve. The Saudis, as a favor to Trump, have over supplied the market at the lowest demand time of the year by over a million barrels a day. This party is over. There is already a consensus building in OPEC to dramatically cut oil production. And they meet in a few weeks at the beginning of December.
Manchin: We’re ‘On The Verge’ Of A Constitutional Crisis Due To Sessions’ Firing. China October exports surprisingly strong in race to beat higher U.S. tariffs. U.S. to impose new duties on Chinese aluminum sheet products. Russia clashes with western oil buyers over new deals as sanctions loom. U.S. grants Iraq 45-day waiver over Iran sanctions to import gas, electricity. U.S. Embassy Senate Democrats weigh lawsuit over Trump Justice Department appointment.