New multi-month low in oil, multi-year low in gasoline. Big turn into more contango for WTI futures. Energy sector completely overshadows US CPI for November even as energy prices are one key reason for the heavy disinflation in it. We need only look back to last year and wonder how we got to be in the same place all over again.
Eurodollar University's Money & Macro Analysis
OPEC Statement November 30, 2023
https://www.opec.org/opec_web/en/press_room/7267.htm
S&P Global Commodity Insights
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/113023-saudi-arabia-russia-extend-oil-supply-cuts-into-q1-2024-as-other-opec-members-join
FOMC Transcript August 5, 2008
https://www.federalreserve.gov/monetarypolicy/files/FOMC20080805meeting.pdf
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