Daily Alert – Tuesday 23rd August 2022: OPEC threatens production cuts as futures fall

Mark NugentAug 2022, Daily Alert

Daily Alert – Tuesday 23rd August 2022: OPEC threatens production cuts as futures fall

Good morning.

Yesterday was risk-off. The EUR hit a 20-year low against the USD.

The Saudi oil minister said OPEC+ may be forced to cut production to combat the “disconnect” between the spot price and what he sees as unjustifiably weak and volatile futures pricing.

I went long on WTI and shorted GBPUSD. So far both are just in the money.

Looking forward, we have a raft of PMIs from the Euro Zone and the UK. Early indications are that sentiment is still a bit sour, as equities continue to fall.

We’ll be back tomorrow.

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