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By mikeonthemountain (registered) | Posted December 08, 2014 at 18:24:26 in reply to Comment 106709
Ryan is correct. Shale output had the US producing over 10% of global supply for the first time in I think a quarter century. It did increase the inventory of crude.
You are also correct. OPEC is working to stay relevant and seems to have decided to put pressure on American competition, by refusing to cut output in response to falling prices. It is not yet causing financial pressure on frackers, but is slowing new wells. The depletion rate for fracking wells is high if I am correctly informed.
But the biggest mover of commodity prices, is often overlooked. The strengthening US dollar exerts deflationary pressure on commodities. While oil has been tanking, guess what USD has been doing? It most certainly is not a coincidence!
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