The KUIK Morning Market Report for Monday, November 13:
Markets are flat
Dow Jones Industrial Average
30 Year Treasury
The Organization of the Petroleum Exporting Countries said crude production fell by 151,000 barrels a day in October and raised its forecast for oil demand this year and in 2018. The cartel said output declined 0.46% to 32.59 million barrels a day from September to October. December crude is up 0.2%, to $56.81 a barrel on the New York Merc. Crude hit 28-month highs early last week, on expectations OPEC and other major producers will agree at the end of the month to extend an agreement on output curbs beyond its March end-date. Last week also saw political turmoil in Saudi Arabia and growing tensions between the kingdom and Iran.
Disarray in the UK. The Sunday Times reported over the weekend that 40 Conservative members of parliament have agreed to sign a letter of no confidence in Prime Minister Theresa May. Just eight more MPs are required to start a formal challenge to her leadership. That raises the possibility that May will be forced out and that the key parliamentary vote this week on the Brexit bill will founder. That’s boosting fears the Conservative coalition government may collapse and throw the Brexit negotiations into disarray.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.