New multi-month low in oil, multi-year low in gasoline. Big turn into more contango for WTI futures. Energy sector completely overshadows US CPI for November even as energy prices are one key reason for the heavy disinflation in it. We need only look back to last year and wonder how we got to be in the same place all over again.
Eurodollar University's Money & Macro Analysis
OPEC Statement November 30, 2023
https://www.opec.org/opec_web/en/press_room/7267.htm
S&P Global Commodity Insights
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/113023-saudi-arabia-russia-extend-oil-supply-cuts-into-q1-2024-as-other-opec-members-join
FOMC Transcript August 5, 2008
https://www.federalreserve.gov/monetarypolicy/files/FOMC20080805meeting.pdf
Twitter: https://twitter.com/JeffSnider_EDU
https://www.eurodollar.university
RealClearMarkets Essays: https://bit.ly/38tL5a7
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What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.