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Energy Markets Slide as OPEC + Delays Crucial Meeting
Energy markets were posting a solid rebound over the past few days, but a series of unfortunate events have stacked up to change the course in short order. Inventories continue to build on both sides of the Atlantic, suggesting demand is in a rut. Europe’s natural gas storage is at capacity ahead of the winter months, and U.S. crude oil inventories have jumped meaningfully. The recent American Petroleum Institute (API) report showed a buildup of 9.05 million barrels vs. the expected 100,000. Supply is problematic as well. An OPEC+ meeting scheduled for today was cancelled because members disagree about how much ... (full story)