Due to travel commitments for the rest of the week, we only have time for only a very short flash-blog
Crude prices slipped around 1% overnight, with Brent closing at US$53.70 and WTI at US$50.74. The market was concerned about data emerging about November production levels which showed both Saudi Arabia and Russia had sharply boosted production in the month before the OPEC meeting last week.
Henry Hub also slipped slightly, closing at US$3.61.
Quote of the day
The KSA’s ex Oil Minister al-Naimi, demonstrating some remarkable frankness about OPEC’s modus operandi:
“The only tool they have is to constrain production. Unfortunately, we tend to cheat.”