OIL up but will head down next week when OPEC reasserts that they intend to keep pumping.Iran coming up as is Iraq and Russia is now helping Venzuela pump more.Glut of oil to continue.
Next week when OPEC states they will continue to pump at current levels.Expecting another move down in oil to low 50's
The latest oil figure showed a draw and that why weakness this morning.The oil companies playing with numbers as US build wasn't broken out.green later on today.
was engineered as a "bear attack" across the sector.Supposedly because SW stated they planned to increase .Plus we are coming into capacity by 7-8%.Actually SW had previously stated last year they expected to increase by 7% and then stated retroactively 7-8 %..or by 1 %.Accompanied by a hit article and on the aal STATEMENT THAT THEY WOULD COMPETE ON FARES THEY SOLD OFF THE SECTOR.
I actuality now oil prices are settling lower with OPEC to have meeting next week.Opec is expected to maintain its oversupply along with others coming online Iran/Iraq.Right into a expected strong summer season.
So now lets see the next move?
I'd think we show another small drawdown but a lurking increase in supply.If oil cracks look for big rally in airlines and with OPEC meeting looming another step down in the offering from Saudis