around 9:30 Iran said they were going to start selling more OIL, no matter what.
I think COP will be going down. But I thought Gold would be a lot higher?
Wow,,,bunch of negatives to your postulate firewalldown...I specifically asked for questions about my
thoughts from the bleachers....Ha,,,,,back benchers everywhere!
Good post for discussion fire,,,we'll see how it develops
Iran's oil sanctions are being lifted at the end of the year.
From Wikipedia on "Sanctions against Iran":
"According to the U.S., Iran could reduce the world price of crude petroleum by 10%."
This would lead to an oil price no greater than $38 everything else held constant.
Soo, you think supply will being decreasing?...."Shirley" we're not speaking of a demand driven supply depletion, certainly not globally, and
our domestic storage is over flowing with many mos. "shut in"
So how is the meaningful recovery in price going to be driven by an
over supplied stagnant, at best, demand driven market occur?
Thanks for the chat, that's what this site is about. Let's continue.
Price of oil closed up for the day for starters. Just shows how quickly COP will rise once prices begin a meaningful recovery.
Sentiment: Strong Buy
Very likely in the near term,,,,less 3 mos. And probably b4 COP announces a divi cut,,,,maybe 6-9 mos.
That will put a ceiling on COP's price for sometime......24-36 mos... Just my .02...
Please ask me to expand on why,,,If you like, but I'm a slow typist so kept it short and to the question!
More likely they are betting (or hedging) that fed decides not to raise interest rates. Long odds though.
An option player yesterday shares your view. One buyer of 9000 jan 60 calls at .52 which were a new long as oi went from 31k to 40k. Decent spec? Huge possible return......who knows?