Trump said this.
Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!
— Donald J. Trump (@realDonaldTrump) April 2, 2020
And then the Saudis said this.
SAUDI OFFICIAL SAY TRUMP'S TALK OF 10 MILLION BBL A DAY CUT OR ABOVE WAS AN EXAGGERATION – DJ LIAR
— First Squawk (@FirstSquawk) April 2, 2020
And the markets did this.
Trump lied, traders died.
I responded by buying the oil pump, but quickly sold it. This is what I’ve closed out thus far.
DYNT – wash
MEDS – wash
I am now leaning towards positioning SHORT, especially REITs and I like oil SHORT here — because OPEC sucks and Trump is a fucking pumper.
Just had a great conversation with Russia's @novakav1. While we normally compete, we agreed that #COVID19 requires unprecedented level of int'l cooperation. Discussed 10mbpd out of global supply. Look forward to speaking with Saudi Prince Abdulaziz bin Salman soon.
— Ryan Sitton (@RyanSitton) April 2, 2020
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