Norway Says No Way
Norway, one of the
largest non-OPEC oil exporters, said it would not comply with requests from
OPEC to curb oil exports. Oil prices are at contract lows and the cartel is
trying to strengthen the effect of an output cut planned in January. Mexico
and Russia, two other major oil exporters, have said they would not comply
either. Russia last week actually announced plans to increase output.Â
This means supply
could continue to increase amid evidence of a continued reduction in US and
global demand. Today’s NAPM came in at a 10-year low, demonstrating waning
demand from the manufacturing sector, an area that consumes about
one-quarter of oil and product supplies. A fall in consumer spending today,
the worst in almost 15 years, also provides evidence that fewer individuals
are taking trips to other cities or even to the mall. Airlines consume about
8% of national oil supplies. Rising numbers of unemployed are also expected
make consumers more cautious about any expenditures.Â
December crude oil
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heating oil
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unleaded gasoline
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Implosion-5 List and are making good on Off The Blocks
short entries. While the OTB short entries do not go short on lap moves up
until the market trades below the low of the prior day’s final hour, earlier
entry can sometimes be had in intraday Pullback From Low situations such as
a trade below the low of the high bar in a pullback.Â
Debt remains the place to be. T-bonds
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10-year notes
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List, are rocketing higher for a second straight day, extending their
winning streak to eight consecutive gains. Off The Blocks
longs worked out again here, also an eight-for-eight record.Â
Coffee
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trading (NYBOT contracts trade for 90 minutes in staggered starts). A storm
approaching Central America could strengthen into hurricane status and bring
damaging rains. Commodity funds are also net short — according to the
Commitment Of Traders Report — and they will begin covering shorts and buying
to re-establish positions in back-month contracts as the December contract
approaches expiration.Â