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The Oil Volatility Farce Continues: Oil Now Surging As OPEC Hints At "Fair Price" Talks
The equity market momo-igniters tried USDJPY - and failed. Then they tried XIV - and failed. So what next? WTI crude of course which has just exploded back to Friday's highs, with Brent Crude also breaking back above $50.
It appears the catalyst this time may be a stray OPEC headline:
- OPEC READY TO TALK TO OTHER PRODUCERS TO ACHIEVE `FAIR PRICES'
And then one asks: what OPEC? Didn't Saudi Arabia destroy the cartel last November.
For now, however, welcome to the Penny-Oil market:
Friday high stops have been run - now run to the lows to test those stops?
Finally, let's not forget that today is month end for the person many expect will be oil's second casualty in one year - Andy Hall, who late in 2014 blew up once already, and should oil have continued its gravitational descent, would have been in line for a second hedge fund closure in under 12 months. So is it just month end window dressing by all those underwater commodity managers? Why, of course.
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awesome. i was about ready to start storing some in my swimming pool. /s
The fun thing about Quant – ified algo trading is that hints, innuendoes, fake-outs and rumors will move markets.
Fair price in gold grams per bbl.
Do you like to smoke while swimming?
Wonder if Fram makes an oil pool filter???
They've resorted to using energy to prop up the markets...in a very perverse way as higher costs for money and energy is not a recipe for Dow 20000
Too bad so sad for oil shorts and shale haters.
Quit lying little boy.
LOL! What's wrong, were you short oil?
Gold needs for ZH to post a gold is crashing thread, or maybe one for silver, think that might help?
LOLFLOLFLOL!!!!!!!!!!!!!!!!!
hell no read my comments again from days ago. Goldman issued that oil could go lower. We all said on ZH to start looking for the bottom. Pay attention which is why you are a lying little boy.
Closed my DWTI short.
Closed mine last week. In at 121 outat 191. Now they will run oil up and the frackers will increase production then it will crash again. They can't let oil go too low or else the credit markets will collapse.
Agreed, classic headfake by GoldSack.........make all the shorts cover by blowing their stops then watch it all slowly creep back downward towards the low $30's (should find a true bottom there)
Just before drowning the victims arms flapped more and more frantically as he tried to stay above water...................
Given the current ratio of oil to gasoline prices here on the east coast I figure we'll be nudging $4/gal if it ever hits $60 again. California would be at $7/gal.
Sometimes demand destruction is a good thing
US imports about 7.5 million barrels a day and saves about $525 million a day with oil prices being about $70 a barrel lower than last year. Or about $190 billion a year.
Good rant by Turd here. Smartly observes that Saudi/Yemen/Iran bashup could close Gulf in a sec. Both Sauds and Iranians would profit from such action.
http://usawatchdog.com/bond-market-explosion-not-stoppable-craig-hemke/
I just wonder how much all this manipulation is costing us?
us don't matter
You don't see a 10% move in oil on oe day without it meaning something. Oil has probably bottomed.
Funny how when oil was making it's climb to $140 a barrel all the "experts" told us that Opec didn't have the reserves to impact oil's rise, now we are told only OPEC can halt oil's slide.
stops are for sissies
If oil goes back to $100, say goodbye to consumer spending. Rent at ATH, healthcare, education, etc, combined with high gas prices, and it's game over.
of course which is why shale producers will be bought soon by China, Saudi and others for pennies on the dollar. Just the unwind leaving retail with their dick in hand.
There's not a snowballs chance in Hell that oil will go back to $100 in the short to medium term.
China's banjaxed.
Europe is banjaxed.
South America is banjaxed.
America is banjaxed.
In this environment if costs generally, and oil specifically, start to increase to those levels, what business is there will be wiped out.
Saudis need some cash to pay for their invasion of Yemen. Maybe the bottom is in? Actually this correction started two days ago. So, the 200ma for WTIC is up around $55, if the price can get above that the chart will be happy.
The problem is since evrythign is so highly correlated gasoline futures will move up lockstep with oil instead of falling to meet the lower price where $40-50 oil should put it.
We should have $1.65 gasoline right now. Instead we have $2.60 gas. Oil may move back to $55 and gasoline will go above $3.00.
Remember Goldman Fucks said gasoline will be $4.50 if oil goes back to $80. A price that used to put gasoline close to $2.00.
1oz Silver American Eagle €13 @ EurGold
https://www.eurgold.eu/silver/american-eagle-1oz-silver-coin-1-dollar-le...
"Fair" meaning high enough to keep those 15 Bentleys gassed up and the staff of twenty Filipinos in uniform.
All talk. Everyone knows nobody will cut production. Cheating and backstabbing is ingrained in the system
Yep. By definition, to have a cartel you have to have control of the supply. OPEC does not.
So your "Oil Is Crashing" article of 90 minutes ago... should I read that one? Should I not read it? I'm so confused now. I've found that when I see a new article on ZH it's a far better use of my time if I ignore it until the update comes in.
This site's a hoot. You can tell when the longs and shorts get smashed cause they'll fill up these threads with their reasoning (hopes) on why something will go higher/lower.
There is so much oil on the market in contango, someone is going to get burned on the holding costs unless they can drive the price up and quickly get out.