In the energy market Friday, oil prices did turn north, but just barely, with crude for January delivery closing at $49.93/barrel, up 51 cents in its debut as front-month contract. Reformulated gasoline for January delivery rose 5 cents, to $1.09/gallon.

Traders await the results of OPEC’s emergency meeting on November 29 in Egypt and the regular meeting December 17 in Algeria.

“So far, it appears that the Saudis would prefer to wait until the December meeting before announcing cuts,” said Robert Johnston, an energy analyst at Eurasia Group. The Saudis, OPEC’s largest producer, have the most clout.

“However, a high level of compliance with the October cuts and the continued price collapse likely increases Saudi willingness to take on further cuts, whether in November or December,” Johnston added.

Analysts at Saxo Bank wrote that, from a technical standpoint, next week will be very important. “We will be watching $56 and more importantly $61

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“It was the best of times, it was the worst of times.” Justice Litle thinks Dickens’ classic line  provides an apt description of today’s markets. Sure, this year has been hell. But it has also created some amazing opportunities for contrarian investors. Justice says this is most apparent in the oil and natural gas market, where irrational risk aversion has made most people forget the fundamentals.

This from Taipan Daily:

Mark my words. It will not be six months before the world tests Barack Obama like they did John Kennedy. The world is looking.

— Vice–President-Elect Joe Biden

Just a few weeks ago, Vice–President-elect Joe Biden (back when he was plain old Senator Joe Biden) promised the world that Barack Obama will be “tested” by America’s enemies.

“Remember I said it standing here,” Biden told his Seattle audience, “if you don’t remember

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Article Source: A potentially huge story from the New York Times. NYT reports: Saudi Arabia, the world's biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials. The increase could bring Saudi output to a production level of 10 million barrels a day, which, if sustained, would be the kingdom's highest ever. The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia. Saudi Arabia is currently pumping 9.45 million barrels a day, which is an increase of about 300,000 barrels from last month. Data source: 2004 through March 2008: EIA; April-June: numbers discussed in NYT article....