be very very careful shorting DWTI since it will explode higher on news Kuwait settle oil strike which pushes oil to low $30's
and I bet when that happens oil pulls down world markets as everyone starts dumping energy stocks (again) left and right.
as in $34 a barrel or lower within seconds of news announcement.
with a target of $35 tommorow. As Captain Jean-Luc Picard learned the hard way - you never fight the Borg. At least not when oil is free falling and will soon be back in the $20 range come end of month.
and you know if we're almost at $37 on Sunday, come Monday Oil will be in $35 range and really hurting. Its called "Panic Selling" as everyone thought the Freeze Deal would go through. Now we no different as Opec crumbles and oil soon in the mid-Twenties.
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.