Yangarra Resources Ltd T.YGR

Oil prices

[kavern23]

Oil sure went down on Saudi news and Saudi only dropped asian oil prices by 2 bucks.

I think market reacted so bad to the news because Saudi looks foolish now.

Cutting production like Saudi has done the most out of any OPEC member looked much better when Saudi was raising Asian oil prices or to Europe at a big premium...production cuts are much more pleasant to stomach if able to raise premium to asia by 2 bucks a every month during their "call".

I think hedge funds obviously bailed today to have such a large drop and trading selling was high because market is starting to price in Saudi stopping the "extra cuts".  

These speculators are calculated risk gamblers and they are probably starting to "price in" Saudi putting 1m barrels back onto the market.

THats the numbers I think Saudi wants to sell again...1m barrels a day.

If middle east doesnt change, I think oil trades in 61-68 band the closer we get to next OPEC meeting. The feb meeting is when Saudi could announce that.

Saudi news was a big deal in aspect they have been raising prices so much. Losing control.

[kavern23]

A large refinery went on a turnaround in USA today...be 500k pper day plus and that will be less oil used. Biggest reason I havent been concerned middle east tension will results in production loss in the short term is because USA would benefit from it on oil prices. Give USA oil export markets more customers. No middle east country wants to sacfrice their oil market share. I think Libya has an