From Investing.com: 2024-11-11 10:48:00

The Biden administration leaves a parting gift to Americans by adding billions to the deficit due to misuse of the Strategic Petroleum Reserve. Traders are puzzled by the fuzzy math provided, with the administration claiming to have replaced 180 million barrels of SPR oil they depleted, without actually buying back real barrels. The filling will be done by canceling 140 million barrels of mandated sales through 2027. On the other hand, oil gets a boost from the Trump Peace dividend and a strong dollar, while record highs in stocks continue.

Qatar asks Hamas leaders to leave following US pressure, signaling a significant policy shift by the Gulf state. Trump reportedly advised Putin not to escalate the war in Ukraine during a recent call. Dollar strength is weakening, potentially indicating a support area near 6750. Natural gas prices may have bottomed out as winter approaches, with production falling and demand rising. Total U.S. consumption of natural gas has increased, with rises in power generation, industrial, and residential/commercial sectors, while exports to Mexico decreased.



Read more at Investing.com: The Energy Report- Parting Gift