In this report, I cover the early market action from London on Monday, September 16th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I will focus on the big story over the weekend which is the supposed drone attacks on Saudi oil fields and how it has impacted the oil price overnight and other asset classes. My view is that these attacks that are being blamed on Iran could be that start of some greater crisis.
What I will focus on today though is to reference, in my opinion, a very important book written almost fifteen years ago about the state of Saudi oil production by the late Matthew R. Simmons. The book is entitled "Twilight in the Desert" and what Mr Simmons message is is that the Saudis have basically been overestimating the number of oil reserves they have.
My conclusion today is that what is happening in the Saudi oilfields could be part of more than just the conflict between the Neocons and Iran but also could have a great deal to do with the Saudis trying to cover up the real state of their oil reserves by creating havoc and confusion.
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