So while everyone Pumps to the Max - at all time highs and says "we might freeze our oil production AT ALL TIME HIGHS - Iran laughs and says "We won't freeze anything and plan to saturate the world with more oil then it can handle. This is what is called "Deal Breaker" since no one will give up oil market share to the Iranians.
since news hits with Fed Speak. And if the Fed hints of a rate hike June or early - Market will go Red as fast as you can hit the "SELL BUTTON".
No its Bad News because what Obama is saying is "Oil Storage Capacity" reached in 30 to 60 days so no need to drill any where since we can no longer store excess oil on U.S. soil. TIMBER
With the "HYPE" of the oil freeze now off the table and gone for good - oil has no floor to keep it from falling back to new 52 week lows. It ran up on "Hot Air" but it will dive bomb as we reach maximum storage capacity (around the world) come late April.
China's industrial output has slowed to its weakest growth since the financial crisis, prompting concerns over the global recovery. Production rose by 5.4% in January and February - the worst since 2008.
TIMBER - China's industrial output has slowed to its weakest growth since the financial crisis, prompting concerns over the global recovery. Production rose by 5.4% in January and February - the worst since 2008. Watch world markets tank tomorrow since Chinese government can't hide the Truth - China heading for Major Recession.
Can't go long with headlines like above, especially with Iran about to show its "Middle Finger" to Russia and Venezula. Iran, Kuwait, Iraq and other will keep pumping full out as Opec dies on the vine.
So could USO test $9 tomorrow or lower???
and according to the article - oil could fall very hard if Iran says "So Long to Production Freeze".
Thus the reason the market is major red and could drop 300 points tomorrow. Oil control everything now and short term - long term its heading DOWN
well now you know the reason why Oil will fall through the floor and retest new 52 week lows.
and no deal with Iran so its back to Pump oil 24/7 as all of OPEC fractures and oil drops back to the $20's Iran has said "The oil freeze deal is a Complete Joke" and now they told Russia they won't be attending a March 20th meeting to discuss oil production. If ever there was a signal to leave USO, UCO and UWTI its NOW.
and we will never ever attend some (bogus) meeting to discuss oil production freeze. Well that my friends end the short lived oil Bull run and its all down, down, down from here as everyone goes home to "Pump" oil as fast as they can.
First post printed in Iran. Second Post printed in Russia. Pick your poison, but UWTI heading back under $2 as Ice Cream Freeze deal falls apart.
and no deal between Iran and Opec to cut production. Talk about a Train Wreck.