- Oil futures have changed course and headed higher as markets around the world continued to digest last week's reports of an OPEC production cut (and what the impact of a cut still means in a changing oil market).
- Light sweet crude futures are up 1% to $48.71/bbl, while Brent crude is up 1.1% to $50.75/bbl. Meanwhile, RBOB gas is up 0.1% and natural gas futures are down 0.6%.
- The oil cartel set a cut in production to 32.5M bbl/day at an informal meeting in Algiers. But that will require compliance by members (not always a certainty); the group expects to firm up some still very loose details at a meeting Nov. 30.
- Still, hopes are high that a deal can bring some much-needed calm. "The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," Themis Trading managing director Mark Kepner said last week.
- ETFs: USO, UNG, OIL, UWTI, UGAZ, UCO, DGAZ, DWTI, SCO, BNO, BOIL, DBO, GAZ, DTO, UGA, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM, OILX