DAILY COMMODITY MARKET STRATEGY-17 Nov 2014

When oil and gasoline prices are soaring, oil analysts like myself try to assuage the fears of consumers with the old saw: There is no better cure for high prices than high prices. The succinct analysis of commodity market dynamics likely makes motorists irate, as they pay USD 100 or more to fill up the family SUV. They fail to appreciate how efficient market forces can be, even at that particular moment of pain.

Several OPEC members are now calling for a production cut to be announced at their upcoming meeting, but they are looking for Saudi Arabia to carry the load, which is not going to happen. Based upon bewildering statements by the Saudi oil minister this week, the Saudis do not appear inclined to cut.

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