RE:10 Things We learned today..."ERT banged his head on a rock"
Indeed! ERT also made out like a bandit with another block purchase. Although today was frustrating Ithaca still maintains it's 1 month uptrend despite dropping 10%. Imminent Stella puts a floor in the price and we go back to 1.50 next week if OPEC is positive. An OPEC supported oil price market makes Stella exponentially more valuable so I think an imminent rerate is inevitable just on commodity optimism.
However given what I've read today it looks to be easier said than done. Saudi cancelling their attendance at the non-opec meeting on Monday is telling the market that OPEC has yet to sort out all the details. It should be an interesting week. ERT holds long and strong. Cheers