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.

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