Crude Chaos Strikes: Saudis Admit "No Deal" But "Hopeful" For November

Having failed completely to consumate a freeze deal in Algiers, the Saudi oil minister throws out a bone of hope to crude bulls that November's OPEC meeting may see a freeze deal. Crude is testing its lows of the day but bouncing around like Hillary's eyes as the minister desperately tries to keep the dream alive.

Headlines:

  • *SAUDI OIL MINISTER DOESN'T SEE OPEC DEAL ON WEDNESDAY (WTF! oh no!!)
  • *SAUDI OIL MINISTER SAYS SEVERAL FREEZE DEALS BEING DISCUSSED (phew so there's hope!)
  • *SAUDI MINISTER SEES OPEC FREEZE DEAL POSSIBLE AT NOV. MEETING (great so buy?)
  • *FALIH: POSSIBLE OPEC DEAL MAY MAKE EXCEPTIONS FOR SOME MEMBERS (except you just blew out Iran?)
  • *NOVAK: RUSSIA AIMS TO KEEP OUTPUT AT CURRENT LEVELS (So Russia is out?)
  • *ALGERIAN OIL MINISTER SAYS OUTPUT CUT AMONG ALTERNATIVES (what a load of shit!)
  • *FALIH: IRAN, LIBYA, NIGERIA POSSIBLY TO BE ALLOWED MAX. OUTPUT (yeah, like that will happen!)

And crude's reaction...

 

So prepare yourself for 2 more months of rumors and denials as we head towards the November meeting which will once again produce nothing.. unless oil is at $20 going in.