A ‘diplomatic source’ is citing an agreement has been reached between the two giant oil producing nations, both duplicitous liars, cheats, and scam artists in nature.
Ten thousand apologies for missing this news item that was tucked away on the internets. Apparently, this is the reason why WTI volume and price spiked.
The Dow is up 150 now. Off to the races.
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That’s nothing compared to what might happen on April 17th if the Doha meeting produces any kind of positive agreement. If Iran changes positions you will see $50 oil in a heartbeat.
Don’t understand why so many were shorting oil into this meeting.
my CLR is for sale come & get it
Do you maybe think oil was a topic of discussion yesterday with the Pres and Yellen? The markets have liked pops in oil. Easier to manipulate one commod than an entire market? Food for thought. If oil and gas cos go tits up then they have another crisis on their hands. Cheaper to pay now via manipulation than bailouts later. After all it is the bank that will take it on the chin…and they are in charge.
Yellen did say she didn’t like low erl.
The Fed head is the most powerful person in the world– and is not elected. All of this stuff about the presidency is overblown.
If you think the Fed head is not powerful, think again. Think again about what happened right after she said she thought biotech was too high.
Frog, have you been watching Alex Jones again?
No, LOL. This is not a secret or a conspiracy. It is happening right in front of our eyes. She says biotech’s too high; then it falls off a cliff. She says “When oil goes back up…” and then it goes back up. And traders and investors watches and listen to the Fed constantly. No secrets or conspiracies are needed to explain it. It’s all happening right in front of our very eyes.
The Saudi’s don’t sell through their daily output, even with heavy discounting so “freezing production” still leaves a net surplus. Changing their discount rate is news. Rhetoric about freezing production, not so much. That being said, short term emotionalism can still crush the shorts.
I totally agree that freezing production is not addresssing the oversupply issue. Until somebody agrees to **cut** production (or until the demand slowly catches up), the oil oversupply issue will remain.
Many people don’t understand the difference between something being at a high level and something increasing. Example:
year 1: Milk = $2/gal -> low price (low level)
year 2: Milk = $2.01/gal -> low price, low inflation (low rate of change)
year 3: Milk = $4/gal -> high price, high inflation
Now this next one is where people get confused
year 4: Milk = $4.01/gal -> high price, **low**inflation
Most people on experiencing this will call it high inflation, even though the price barely moved.
If you are accelerating towards a brick wall, you hit the brake, you don’t “freeze your speed.”
Good. Vlad. Oh Vlad. I am at heart a humanitarian. Forgive me for my schadenfreude. For whatever reason, you are stepping into the ring and Radical Islam will have Mother Russia in their crosshairs and you’ve already been whooped by Afghanistan and Pakistan as have we in the USA.
It’s a deal with the devil.