29
Nov
Wrap – Week Ended 11/28/08 (In Progress)
OPEC Leaves Quotas Alone For Now.
- No cut from the Saturday OPEC meeting.
- Cut at the December 17 meeting is assured.
- Could be a dip on Monday as we had a short covering rally into the close on Friday over the possibility the Cartel would cut but no one really expected an output decision at this meeting.
- OPEC said demand is worse than they thought just a month ago so look for a sizable cut next month (probably >= the 1.5 mm bopd cut from October).
- Saudi has set its sights on $75 oil. The OPEC basket of crudes closed at $47.38.
Comments will be added on Sunday.
