• WTI has traded in a narrow range this week ($52.42/$49.61) heading into tomorrow’s meeting between Russia, Azerbaijan, Kazakhstan, Oman and Mexico which could help determine whether or not OPEC receives non-member assistance in its effort to remove barrels from the market. The group will discuss cutting production by up to 600k bpd lead by Russia’s potential cut of 300k bpd. While we do not have a view on what the outcome of the meeting will be, we continue to see a medium-term range for WTI of $47-$55 regardless of the result and believe that any severe market reaction will likely be worth fading. The options market is taking a similarly unconcerned view of the meeting as evidenced by a continued breakdown in implied volatility and option premiums. • U.S. data has taken a bearish turn over the last two weeks, which has disappointed us as believers in the […]