Well, oil’s enjoying a nice bounce today on the back of comments from Mohammed Barkindo who said “we as OPEC, we remain committed to the Algiers accord that we … put together.”
Of course no one really believes a deal is in the works and for the upteenth time, freezing production at record levels doesn’t really accomplish anything, especially if the freeze pushes oil up to $50 because at that level US producers will start pumping anew virtually ensuring more supply and hence lower prices moving forward. It’s a rather “crude” Catch 22 (pun fully intended).
In any case, for those interested in key dates for commodities including crude this month, I bring you the following catalyst calendar from Morgan Stanley:
(Source: Morgan Stanley)