- "The journey to a balanced oil market will take time, and is more likely to be a marathon than a sprint," according to the IEA's closely watched monthly report.
- Production cuts by OPEC and Russia are being offset by swelling U.S. shale oil supply and an uncertain demand outlook.
- In fact, the U.S. in 2019 "will reinforce its leadership as the world's number one crude producer."
- WTI futures +0.6% to $52.56/bbl.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI