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Opinion: Trudeau’s Credibility Problem Could Lead to a Win by Scheer
Conservative Party leader Andrew Scheer is hoping to unseat Prime Minister Justin Trudeau and the Liberal Party in the upcoming Canadian federal election. Image: Sean Kilpatrick/Associated Press

Opinion: The Impeachment Pile-Up
Democrats pursue Trump--in secret. Image: Caroline Brehman/Zuma Press

Opinion: Trump Takes Heat on Syria
His decision on the Kurds creates political problems at home. Image: Delil Souleiman/Getty Images

Opinion: Resistance (At All Costs)
Paul Gigot interviews Kim Strassel about her new book. Image: Mark Ralston/Getty Images

Opinion: Hits and Misses of the Week
The week's best and worst from Kyle Peterson, Jason Willick and Kim Strassel. Image: Hannes Magerstaedt/Getty Images

How to Meditate at Your Desk With Deepak Chopra
Deepak Chopra says we should find time to meditate each day, even if that time has to be at the office. He shows you how to ignore the emails–just for a few minutes–and ease your stress at work. Photo: Adam Falk/The Wall Street Journal

Wildfires Become an Insurance Nightmare for Californians
California wildfires cost insurance companies more than $24 billion over the past two years. As those insurers look to cover their losses, here’s a look at how homeowners like Grass Valley resident Christy Hubbard are paying the price. Photo/Video: Jake Nicol/The Wall Street Journal

Investors' Brexit Relief Turns to Deal Doubt
Investors may be eager for the Brexit saga to end, but Heard on the Street's Spencer Jakab explains why they aren’t blind to the potential drawbacks of U.K. Prime Minister’s new deal with the EU.

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Boeing board to meet in Texas as scrutiny intensifies -sources

Boeing board to meet in Texas as scrutiny intensifies -sourcesBoeing Co's board of directors and top executives from its airplanes division and supply chain were due to meet on Sunday in San Antonio, Texas, two days after the U.S. planemaker was plunged into a fresh crisis over its banned 737 MAX jet. Several industry sources said there was speculation inside the company of significant job cuts as Boeing, unable to deliver 737 MAX planes to customers, continues to drain cash. The schedule for the board's face-to-face meetings was set for Sunday and Monday in San Antonio, one of the people said, two days before Boeing reports earnings on Oct. 23.



Natural Gas Price Fundamental Weekly Forecast – Cold Shots Not Enough to Produce Prolonged Rally

Natural Gas Price Fundamental Weekly Forecast – Cold Shots Not Enough to Produce Prolonged RallyThe only way we’re going to see a prolonged rally is if the forecasts extend the duration of the cold spell to about 7 to 10 days. This may change latter in the week. If this is going to occur, it will likely take place during the first week of November.



Saudi Arabia's Best Bet Is to Crash the Price of Oil

Saudi Arabia's Best Bet Is to Crash the Price of Oil(Bloomberg Opinion) -- Saudi Arabia should give up trying to manage the global crude market and return to the pump-at-will policy it briefly adopted in 2014 under its longest serving oil minister Ali Al-Naimi.In the mercantilist world in which we now live, where decisions are based on narrow national interest, it makes no sense for the world's lowest-cost oil producer to subsidize shale and prop up other high-cost suppliers.Of course when it does, oil prices will crash just as they did in 1986 when the country finally abandoned fixed official selling prices. And then, in the aftermath, global investors will get in a flap about all things Saudi: the IPO of the kingdom’s state oil company, the financing required to fund a young and under-employed population, Mohammed bin Salman’s ambitious Vision 2030 plan to transform the economy away from its dependence on oil.Despite the risks, it’s time to admit that market management is failing, even though Saudi Arabia and it “allies” say that it isn’t.The OPEC+ agreement was meant to drain excess stockpiles in six months. But we are now approaching a fourth year of Saudi Arabia leading a global alliance of producers in trying — and failing — to push up oil prices in a sustainable way.For a while it appeared that the cuts were having the desired effect. Inventories came down and Brent prices rose from about $45 a barrel in June 2017 to reach a high of $86 in October 2018. But they swiftly fell back towards $50 and a second round of cuts that began in January has failed to keep them above $60. Even the temporary loss of more than half of Saudi Arabia’s oil production — and most of the world’s spare capacity — in an attack on two of the kingdom’s biggest processing facilities failed to lift prices for more than a few days.The latest data from OPEC itself — along with the International Energy Agency and the U.S. Energy Administration — show the failure of the policy. All three see global oil inventories building in the first half of next year in the face of what is starting to look like America's forever trade war. The global gridlock has also prompted a reduction in forecasts for growth in oil demand this year and next. The average level of Saudi oil production in the first eight months of 2019 was the lowest since 2014 — even excluding the dip caused by the Sept. 14 attacks on the kingdom’s oil processing infrastructure. And it will have to come down further next year if the kingdom wants to continue trying to manage the market.Meanwhile Russia, the kingdom’s leading partner in the OPEC+ group of countries that came together to manage supply, has seen its output continue to rise each year, even as it has come to dominate OPEC+ policymaking.Saudi Arabia should let American shale drillers take the strain. After all, aren't they the producers of the marginal barrel of crude now? As long as Saudi Arabia and its cohorts continue to restrict output and subsidize shale they are merely delaying an answer to the question.It’s time to discover a true price of oil.Saudi Arabia will learn to work with this over time, just as it did after 1986. And it will probably find that that price isn’t as low as the kingdom fears. Eventually, shale producers will be forced to cut back — or they won’t.If they are forced to cut, then Saudi Arabia will get the price support it craves, without having to lower its own output. But if shale production can just keep going up and up, even in a lower-price environment, then it proves just as emphatically that the Saudi-led policy of market management is a busted flush anyway.Will they do it? I doubt it.Current oil minister Abdulaziz Bin Salman sees it as his job “to ensure that the oversupply doesn’t continue.” December’s OPEC and OPEC+ meetings will likely yield the promise of further output cuts and Saudi Arabia will pump even less next year in a vain attempt to prop up prices. But it would be nice to believe that they are capable of change.To contact the author of this story: Julian Lee at jlee1627@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.



AUD/USD and NZD/USD Fundamental Weekly Forecast – Brexit Uncertainty Could Weigh on Aussie, Kiwi

AUD/USD and NZD/USD Fundamental Weekly Forecast – Brexit Uncertainty Could Weigh on Aussie, KiwiThere are no major economic releases this week so the direction of the AUD/USD and NZD/USD is likely to be determined by trader reaction to any news about U.S.-China trade relations and Brexit negotiations.



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