The world's largest oil exporter is preparing to raise output from December as it resigns itself to lower global prices.
Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, in a sign that the kingdom is resigned to a period of lower oil prices, according to people familiar with the country’s thinking. The world’s largest oil exporter and seven other members of the Opec+ producer group had been due to unwind long-standing production cuts from the start of October. But a two-month delay sparked speculation over whether the group would ever be able to raise output, with the price of Brent crude, the international benchmark, briefly dropping below $70 this month to its lowest since December 2021. Source: FT >>> https://lnkd.in/eYwDvYcQ
Gold is now trading at 40-year extremes relative to its 200D moving average
Source: BofA, Barchart
UPDATE 🚨: Silver hit the highest price in more than a decade
Source: Barchart
Gold is up 49% since WSJ published this little gem:
Source: @spomboy, WSJ, E.J Antoini
China reported record levels of silver imports.
Source; Tavi Costa, Crescat Capital, Bloomberg
Cobalt is a critical mineral used in numerous commercial, industrial, and military applications.
In recent years, it has gained attention as it is also necessary for batteries used in cell phones, laptops, and electric vehicles (EVs). This graphic by Elements / Visual Capitalist illustrates estimated cobalt production by country in 2023 in metric tons. The data is from the most recent U.S. Geological Survey (USGS) Mineral Commodity Summaries, published in January 2024.
BREAKING: US crude oil production has officially hit a record 13.4 million barrels per day.
Daily oil production has increased by 22% over the last 4 years. Since 2008, production has skyrocketed 350% from ~3.8 million barrels per day. The US is now the world’s largest oil producer exceeding Russia's output by ~35% and Saudi Arabia by ~38%. The US is dominating global oil production. Source: The Kobeissi Letter, The Daily Shot
Copper Inventories have jumped to the highest level in more than 4 years signaling weak demand in Asia!
Source: Bloomberg, Barchart
