Report, citing a delegate
No surprise.
There was a broad consensus that OPEC+ would stick to the plan to hike output by 400k bpd in October.
WTI crude is struggling today, down $1 to $67.54. Meanwhile, natural gas is absolutely sizzling, up 5.7% and at all time highs in Europe.
There's a big inflation shock coming on the natty side this winter.
Here's a look at the daily oil chart, which looks like it's stumbled at the Aug 12 highs and will need to hold $66.93 or risk a deeper correction.
Update: Amena Bakr at Energy Intel reports that in the next OPEC monthly report, demand for 2022 oil will be revised higher. There's a brewing worry that OPEC is going to overproduce next year but demand has been tough to forecast.
The next OPEC meeting is set for Oct 4.
