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Highlights, Hedging Blunders, Markets & Rain Days Update 10/3/22

Highlights


OPEC+ (OPEC + Russia) will meet in Vienna on Wednesday to discuss reducing daily crude oil production by one million barrels per day. The larger-than-expected reduction reflects their fears that the global economy is contracting amid tightening monetary policy and the impact of a stronger dollar on oil prices. OPEC+ insiders say the final decision to reduce production will be made before the Wednesday meeting.


Baker Hughes reported Friday the number of oil rigs in the United States rose by 2 last week, to 604. Gas rigs slipped 1, to 159. Miscellaneous rigs stayed the same at 2. The rig count is 237 rigs more than this time a year ago.


Brazil will have a run-off election on October 30. President Bolsonaro, with 43% of the vote, did better than expected, but Lula da Silva got 48%. If a candidate had received 50%, there would be no run-off election between the top two vote getters. The farm areas went heavily for Bolsonaro.

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