It’s being reported that OPEC has agreed to a production freeze, starting November. Oil has exploded by nearly 6% off the news that states they will limit daily production to 32.5m bpd. Just to give you some perspective of what 32.5m bpd looks like, historically, here’s a chart of recent OPEC production.
Does 32.5m bpd look like a harsh cut for members of the cartel? This ‘drop’ in production amounts of a mere 1 mill, a slight of hand in the big scheme of things, especially when considering we have over 550m barrels in storage and another 695m in the SPR. We are awash with crude. But fuck you very much to the House of Saud for jacking prices higher, on the same day the Senate overrode the Obama 9/11 veto.
I’m sure it’s all a coincidence.
Low brow oil stocks have exploded to the upside. Congrats to Ragin Cajun in Exodus‘ trading room for nailing the move.
If you enjoy the content at iBankCoin, please follow us on Twitter
Scrolling through 14 posts before I can find OA is frustrating, as a regular visitor to the site.
His post is right under headline.
You’re also more than welcomed to visit his blog directly, which is headlined at the top of the site.
It must have changed since when I loaded the site, as I actually took the time to count the 14 posts. I can never quite tell how the stories load. I have reverted to often going directly to his page, but I feel like I am closing off the rest of the community by doing that, which is never a good thing in my opinion.
As a very longtime regular visitor to the site, he is definitely not why most come here, and though I occasionally read his articles I find his gloating boring and childish.
People like that exist literally everywhere on the internet. Most people come here to read Fly’s often hilarious and always relevant posts, not a permanent bullish call that will be ignored if wrong.
Here’s a shorter version of every article: Buy The Dip.
No offense, of course.
Let’s not make this a Fly v OA contest. Jeff is great and has a hard job. Up until this year, much of my content was surrounded around making market calls. After doing it for 18 yrs, I had enough and opted to broaden my topics of discussion. He’s been unbelieavbly great this year too.
I didn’t mean to start a fire, I was just providing some user feedback on my particular experience. I disagree with your view of OA, infinitezuul, but that’s irrelevant, as it takes two sides to make a market and everyone is entitled to his/her opinion. Everyone as you were, my apologies.
Some people might say that your comment about OA is ill-informed and moronic. Not me, of course.
Congratulations you just hung our nation’s diplomats and military out to dry.
As POTUS he must protect the US diplomats and officials working and living overseas. The reversal of his veto will set a precedence that will create recruiting problems for the POTUS to place the best people in the embassies around the world.
The rank and file local police will be able to walk right into any of our embassies and arrest anyone for anything. We will no longer have any justifiable claim to sovereign immunity.
But all you “finance” guys know that, I’m sure.
I did nothing of the sort you imbecile. Last I checked, the Senate did that.
C’mon Fly. You know that was for the deplorables that are on the way to commend this veto.
You aren’t one of them, as much as you pretend to be for Blog hits.
Believe me.
You underestimate me. I am not supportive of the neocon movement started by Kissinger and continued by Obama. If this makes our government stop with the fucking wars, then good.
Republicans are the best
http://www.politico.com/story/2016/09/mitch-mcconnell-saudi-9-11-bill-228903?cmpid=sf
“The reversal of his veto will set a precedence that will create recruiting problems for the POTUS to place the best people in the embassies around the world.”
– HAHAHA, ya because ambassador is such an important role in these third world shitholes. We’ve already seen exactly how the embassy “recruiting process” works via the Clinton Foundation……its all based on “merit” of course. A simple $Million dollar contribution to the Clinton Foundation and you are suddenly ambassador material.
“The rank and file local police will be able to walk right into any of our embassies and arrest anyone for anything. We will no longer have any justifiable claim to sovereign immunity.”
– An embassy is considered sovereign U.S. territory. A country can choose to violate these terms of course, anyone can do anything….this is real life. If a country does violate sovereign soil by entering an embassy without permission; theyll just have to get through the Marines stationed there and then spend then next few years dodging Drones and white phosphorous missiles.
Seriously, if the rationale behind Obama’s pussy veto is that he wont be able to recruit ambassadors or that someone might attack us, then we have become softer than I thought. Every third world embassy should be run on the assumption that it might get attacked. Bowing to the desires of any host country in the hopes that they wont violate sovereign soil is the most ass backwards approach I’ve ever heard. Thank god there are some people with balls in our military to offset the beta male pole-smoking approach of pissing on the desires of the american public because some irrelveant third world country might get offended.
Oh yeah, sorry, late warning: Here’s your trigger warning, snowflake. This post was written by a male with testosterone in his balls and white privelege. As a matter of fact, my white privelege is often so cumbersome that i have to wear compression shorts just to keep it contained. XOXOXOXO Billie Bones Jones
We can only hope we stop becoming the #1 country that kills the most innocent civilians people aboard.
But, the US typically has a hard time letting go when they are #1 in anything.