oil fell over 8% wednesday after dems took congress, markets reading it as higher odds of a diplomatic end to the iran situation instead of more escalation.
today it’s bouncing back a bit but still under $100.
JPM says the oil market already flipped into surplus, supply outpacing demand by over 1mm bpd in october. middle east exports have mostly recovered too, back near 20.7mm bpd from a march low under 10mm.
so even with iran risk still on the table until the new congress is seated in january, the supply side story is looking a lot less scary than it did a month ago.
today it’s bouncing back a bit but still under $100.
JPM says the oil market already flipped into surplus, supply outpacing demand by over 1mm bpd in october. middle east exports have mostly recovered too, back near 20.7mm bpd from a march low under 10mm.
so even with iran risk still on the table until the new congress is seated in january, the supply side story is looking a lot less scary than it did a month ago.
