RE:Oil price bumpjagsfan2 wrote: Both global crude & Brent have jumped in past 15 minutes..
Both are now UP this a.m., close to $1.
With the Sauds coming out and announcing that OPEC will be holding a meeting from Sept 26 - 28 we can expect to see the PoO rise on production freeze potential. Unfortunately we have seen this story before and with no agreement in September we could very well see the PoO drop back to the $40 range after the meeting.
However, if somehow they were able to come out with an agreement, this could bode very well for first oil out of Stella in early November. I don't hold out a lot of hope for a production freeze due to Iran's need for more production and their caustic relationship with the Sauds. But, lord knows I have been wrong many, many times before and I would be pleased as punch if I am wrong this time because an agreement on a production freeze could easily cause the PoO to breach the $60 Brent level and if that happened I do believe that Delek would make their move to purchase IAE.
With any luck our little Ithaca gets absorbed by Delek by Christmas.