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The IEA reported OPEC cut output by about 1 million bpd in January, roughly 90 percent of its target, with Saudi Arabia cutting more than required. It also expects US, Canadian and Brazilian output to grow by 750,000 bpd in 2017.
Strong OPEC compliance supports crude prices, while rising non-OPEC output caps the rally, keeping energy costs for feed and transport range-bound.
financialpost.comJesse SnyderFeb 10, 2017After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
