RE:A couple of weeks....bago wrote: from the OPEC meeting and we are sitting at 46, not so bad. I believe we need an agreement on a freeze even if they come out and say they have come to some kind of agreement and will iron out the details in the November meeting. if they meet this month and it turns out negative we will break 40. I think until then not many will take a chance either way and we should be range bound about 43-47. I thought import numbers would be down this week and they were but what surprised me is the gasoline draw which was very bullish and US production still coming down regardless of the Rig Count going up. The sentiment is on the negative side due to the seasonality of the oil market right now but if we can turn bullish with some help from OPEC and Russia rhetoric it would go a long way to carrying past these couple of slow months. Not sure how I feel seems to change by the day but right now my feeling is we can go either way. It's going to be a wild ride no matter how it goes...mgba
I dont think there will be any sort of agreement. They talk BS and give oil a boost becuase it generates millions of dollars for them without causing all the shale drillers to start increasing production, but if they agree to a production freeze at this stage all it will do is start production rising again from shale and then make the glut even worse than it is now, which will cause oil to just go lower again... I dont think the Saudis have finished playing their games quite yet.