RE:RE:RE:Hurricane Nicole bago wrote: Yes and this happening in the middle of shoulder season everyone was so worried about so going forward into the winter months if we hold here or even move up oil can find a new floor around 50 that's a huge change from a month ago. If OPEC actually follows through we have a great chance to see 55 this month and energy stocks will rally. December contract which will be in play in about 10 days could be well above 50 but still a little early to tell until we get those inventory numbers.....mgba
If opec cuts oil will be over 60 in no time. If they agree on a freeze it will likely be 55, if they decide to do nothing it will drop but likely be supported at high 40's if there are still drawdown as that would show its rebalancing. I dont see a lot of downside right now unless all the negatives line up like no deal, increased production from russia, nigeria, libya, iraq and iran... This yemen thing could heat up and drive oil higher alone..