RE:By the end...Hey Bago - I was about to post much the same - that whatever happens tomorrow, we will be more or less square by the end of the week.....then I scrolled down and noticed your post.
The failed talks do not change the fundamentals - demand growth is strong and is exceeding expectations (India, China, USA all very robust), and overall supply is falling. So the "glut" is steadily shrinking month by month and is expected to be gone by year end. Also as has been cited many times, a "freeze" would also not have changed the fundamentals either since everyone is pumping at more or less their max. So its all optics, and traders love optics. So while we can expect a sharp decline with plenty of volatility tomorrow - I would expect that as the week wears on and we get another round of bullish inventory/production data, we will bounce back.