OPEC, for some quiet moments..

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Oil fell in New York for the first time this week as the U.S. supply glut weighs on prices after crude inventories rose for a ninth week. U.S. stockpiles of oil rose 961,000 bbl last week to 488 MMbbl, within 3 MMbbl of the record set in April, according to the Energy Information Administration data released Wednesday. The number of rigs targeting oil in the U.S. fell by nine to 555 in the week through Nov. 25, the lowest level since June 2010, Baker Hughes Inc. said on its website.

Oil falls as U.S. supplies weighed against drilling decline

Surging U.S. crude stockpiles that have filled storage tanks near capacity are widening the discount on immediate oil deliveries.   Spreads between monthly oil-futures contracts are often seen as a reliable gauge of market conditions, and a discount on the earliest months—known as contango—typically signals that supplies exceed demand. Contango isn’t "going away anytime soon," Societe Generale SA analysts said in a research note on Tuesday.

Crude storage tanks nearing their brim spur ‘super contango’

Sometimes when too many market participants and analysts are negative on a security, it is more likely to surprise on the upside. Not sure what it is, but maybe it is just that players are caught "offsides" and they need to quickly adjust their positions. We are not suggesting you go long on futures or even ETFs based on energy contracts, however; we think that there might be more chance for crude oil futures to trade higher the next several weeks.

Oil Prices Are Primed to Rally - TheStreet

After defending the interests of oil-exporting nations for five decades, OPEC has made a surprising choice with its newest member: a country that consumes about twice as much crude as it pumps. Indonesia will rejoin the Organization of Petroleum Exporting Countries as its 13th nation next month, almost seven years after suspending its membership. The country says that as OPEC’s only Asian constituent it will provide a vital link to the region where demand is growing fastest. Still, saddled with an oil-import bill of about $13 billion last year, Indonesia makes an unlikely addition to the exporters’ club.

Introducing the new OPEC member that likes lower oil prices