Is China headed for a ‘Minsky moment? One Chinese economist has warned that they could and that warning, along with some comments from a Russian oil company, seemed to slow what had been an impressive oil rise ahead of today’s November Future expiration.
While OPEC and The Energy Information Administration raising its outlook for demand and lowers its projection for global Non-OPEC production, The International Energy Agency (IEA) releases a report that shows that tries to talk down demand next year admit they underestimated demand this year.
Do they see what I see? OPEC’s Secretary General Mohammad Barkindo is telling us that the global oil market is rebalancing fast as the glut of refined products is gone as he and OPEC take a victory lap ahead of their November OPEC meeting.