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Title : Thursday -- November 2, 2017 -- Confusion Reigns On The Blog -- You May Want To Skip The Blog Today And Come Back Tomorrow
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Thursday -- November 2, 2017 -- Confusion Reigns On The Blog -- You May Want To Skip The Blog Today And Come Back Tomorrow

We lost internet service last night -- still down this morning -- blogging from McDonald's -- will be awhile before I get caught up -- November 2, 2017 -- 7:06 a.m.

Because the internet was down all night (and still it at home), my blogs today will be more difficult to follow -- I will be updating each page throughout the next few hours. 

Lots of energy and economic news on the first Thursday of the month. WIll take time to wade through it.

Big stories I'm looking for today:

• Tesla: I think the information we are getting is much worse than some expected
• Saudi import data has been posted
• Saudi foreign reserves
• Unemployment data

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Saudi Arabia in Deep Doo-Doo

Saudi import data: I believe Saudi import data is second lowest in history -- at least since 1989 -- one has to go all the way back to August, 2009, to see a lower import number.

Asian market: On top of this, OPEC/Saudi Arabia will lose battle in trying to corner Asian market.

Early in October, OPEC’s chief, Mohammed Barkindo, appeared to be unfazed by growing U.S. crude oil shipments to OPEC’s key market, Asia. The official said he expected OPEC exports bound for the East will continue to expand in the coming years, eventually hitting 22 million bpd in 2040, up from 14.5 million bpd in 2016.
Yet underneath the confidence, there seems to be growing worry about these U.S. shipments because they’re growing too, and nobody is tying U.S. shale producers’ hands with any production-cutting arrangements aimed to stimulate prices.
In fact, the threat to OPEC from U.S. shale oil just got more serious as it became clear that the cartel and its partners are planning to extend their own agreement until the end of 2018. This means that until the end of next year, OPEC, Russia, and their partners will continue to supply 1.8 million fewer barrels of oil per day to global markets—or at least a figure in that vicinity, as compliance is still far from 100 percent across the group.

Bottom line: Saudi Arabia is in deep, deep trouble. 

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