CPG hasn't stood.........................a chance from the get go today. The pros let oil rise, the little guy bought into it, the pros are selling and shorting, the little guys are panicings and selling.
Of course there is not going to be an agreement to freeze production this weekend. Of course oil is going to get creamed next week. Today is just the beginning. The capitulation selling will happen next week.
This weekend's meeting is an effort in futility. If they get a production freeze, the shorts will say that doesn't solve anything as inventories are at record levels and production is too high. If there is no agreement, the shorts will say the inventorties are at record levels and production is too high. Lose, lose, either scenario.
Let's face it folks, oil stocks and natural gas stocks are going to get absolutely massacred next week. The only unknown is the depth of the value destruction.