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Buzz & Banter



Crude is trading markedly higher this morning, as OPEC voted for a surprise cut in crude oil production effective Nov. 1. Nevertheless, as the chart below shows, Dec. futures have a long way to go before recovering even half of the decline that began in earnest earlier this month.

Extrapolating things dangerously further into can of worms territory, the word "glut" has been mentioned in several related news stories I've seen this morning. So far, though, the word battle between "inflation" and "deflation" is a draw. Please note, however, that the chart's verdict remains unequivocal until at least 29.50, and then only slightly more "accommodative" of a reversal in an unwelcome decline in inflation until 31.50.

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