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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (133436)	9/20/2022 1:07:04 PM
From: Goose94	Read Replies (1) of 202374

Crude Oil: Macro Data Dominates Oil Markets One would be tempted to think that news of ever-increasing OPEC+ underproduction or further Nigerian and Kazakh production outages would have a sizable impact on oil prices, however, over the past 4-5 trading sessions ICE Brent has been immune to the wild volatility seen for most of this year. The reason is that supply/demand no longer dictates the main pricing trends, macro data does, hence all eyes are firmly fixed at the Fed’s upcoming policy meeting this Wednesday. OPEC+ Underproduction Is Still Spectacular The gap between OPEC+ production targets and actual output continues to widen, reaching 3.6 million b/d in August, a whopping 0.7 million b/d month-on-month increase amidst worsening compliance from Russia and Nigeria. Oilprice.com

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