What goes up on "HYPE" must come down to sub $26 oil. It "Correction time".
since my gut tells me they certainly did.
Dude - the buying consumer will love oil at $15 a gallon. So sell your bogus electric car and short oil all the way down to new 52 week lows. Refinery maintenance season has just started while Iran, Russia and Saudi all pump full out to protect their oil market share. Cheap oil - good for drivers but very, very bad for oil investors and possibly the DOW.
where oil always drops due to less usage. Throw in the total train wreck of the "supposed oil freeze" and you now have the PERFECT STORM for a Massive Oil Correction this coming week, this month and well into the early summer. In other words $20 oil anyone.
There were big bets made on each side but from what I've read today the Freeze deal is either "dead or so watered down it won't prop up oil". Now the big question is how far does oil fall tomorrow since there is no floor with Saudi Arabia playing hard ball and pumping oil full out. My guess is we hit $35 a barrel tomorrow, maybe lower.
meeting was postponed after OPEC's de facto leader Saudi Arabia told participants it wanted all OPEC members to take part in the freeze, according to OPEC sources. Oil Dive Bombs come Monday
Oil Down Big Monday (and markets will be down) as Iran stays home and laughs at Russia, S.A as Saudi Prince says "We Don't Freeze Jack since Iran won't freeze". Oil heading back to high $20's starting next week.
Reuters - "Momentum is now weakly building behind an agreement that excludes Iran and Libya. And then throw in Kuwait and Iraq (who will never cut production) and you know Oil heads South as Opec once again falls "FLAT ON ITS FACE".
Reuters - "Momentum is weakly building behind an agreement that likely excludes Iran and Libya. And then throw in Kuwait and Iraq (who want to pump full out) and you know Oil heads South as Opec once again falls "FLAT ON ITS FACE".
Iran’s oil minister won’t attend a key meeting of producers this weekend and that will trigger a Saudi Arabia response of "no freeze" - we Pump to the MAX.
and you know the Saudis have said if Iran doesn't freeze oil production - they won't. Best to sell USO now if your long since it could open up Monday at $8 a share and fall through the floor.
and you know that won't sit well with Saudis. Down oil goes today, next week and through the early summer as every knows its heading back to high $20's a barrel.
since Oil is heading back new 52 week lows as half of Opec pump will continue to increase Oil Production going forward. And as oil goes - so goes the markets.
Come Monday it will be so long $40 a barrel and hello $30 a barrel as everyone heads for the exit knowing oil is set to test new 52 week lows with Iran, Libya and Iraq all increase oil production this year and next.
so the question is "did you drink the Kool aid and go long oil in front of a Massive Sell Off come Monday as everyone realizes Oil is way, way over bought and is set to drop back to low $30's possibly high $20's? USO back to $6 a share come next week so be careful here oil bulls.
as various Opec members looks at each other, laugh and then think to themselves - We Pump 24/7 until our hands bleed. So much for Russia's phony attempt to prop up oil going forward.
heading into Friday and weekend (Circus Meeting in Doha) where we learn Opec can't even agree to Freeze Oil At All TIME Production Highs. We're talking a Huge Oil Drop come next week as investors realize this oil run up is based on Nothing but empty promises. Black Monday coming but look out for sell off tomorrow.
However, Russian oil minister Alexander Novak told a closed-door briefing of energy analysts in Moscow on Wednesday that the deal would be loosely framed with few detailed commitments. HA - No Commitments means Russia, Saudi, Iran, Iraq, Libya, Kuwait, etc. all start pumping to the max next week.
What a JOKE