Post by
smallcaptdr on Oct 04, 2022 11:19am
Another bullish day!
Both DOW and TSX are up huge again adding to yesterday's gains and Oil is at $86 making another $3 move higher and this has everything to do with OPEC cuts which could be announced tomorrow and the consensus is that they will cut 1Mil bpd but they also added that some producers could voluntarily cut extra so we could see 1Mil+ being taken out. on the high side or they might be concervitive and cut 800,000 so if today's Oil price is what the traders consider to reflect 1Mil bpd cut then if OPEC comes in with a lighter cut then the price of Oil could trade down. what will tomorrow bring? just like when the markets traded before the FED rate cut it was after the announcement when Oil reacted so we will definitely see softening in the price of Oil after this rally from OPEC announcement and from the low in Sept of $76 we are up $10 which in my opinion is at the price to reflect OPEC cuts I can't see this going to $90 with all the headwinds and wherever the price ends up for Oil it's keeping it up there that matters. But BTE is on rails and that's the best part of all of this!.
Comment by
Moemoney42 on Oct 04, 2022 11:36am
Oil could go up.. oil could go down.. blah blah blah..!!