One of my favourite market connoisseur’s Ben Hunt put this out last week.
Yesterday the Wall Street Journal ran a front page story titled “OPEC Sees Less Demand for Its Oil in 2015”, as well as another article with the following quote: “OPEC’s output exceeded its quota by 50,000 barrels a day in November, the group said.”
That’s all true, and all supportive of today’s dominant Narrative that OPEC is broken and oil is now in free fall.
Wanna know what else is true? November OPEC production was down 390,000 bbls/day from October and down 510,000 bbls/day from September. But, hey, we can’t have crucial facts get in the way of a dominant Narrative, now can we?
This is something I comment about frequently but it is always good to post examples, this helps build an intuitive filter into our psyche. You will be amazed at how attuned you become to biased media reporting when you become aware of its presence.