RE:RE:Opec cut at nearly all time high production!1troffer wrote: daviddo wrote:
I love how opec cuts to AUG production is basicly next to an all time high.
I could see a real cut happening in NOV 30 in Vienna.
Nothing but a fake really and nothing news.
Im getting ready to situate about 500,000$ into baytex closer to the meeting. We are into shoulder season so we will be floating in the $40s until then.
my 2 cents Dave
if you were going to "SITUATE" 500,000 into BAYTEX, you should have done it when sp was at 4.75. I don't care if OPEC is lying, you gotta just ride the wave and not get married to any stock
If oil stays in the mid 40's until the meeting there could definetly be a cut... I said yesterday It may be all talk to pump the prices up temporarily, so i will be looking to sell into this rally. I dont think we are going to see oil continue to rise until the meeting. But I think the floor on oil just rose about $5 because of the opec news.. so my new floor is $40 unless something dramatic happens. I doubt we are going to see anything much over $50 before the November meeting.