RE:RE:What's going on?I think its just manipulation of oil prices by the media. I thought it was kind of fishy that a break down of talks would cause higher oil prices.
If you look at it rationally, in what world would a break down of any opec agreement would cause producers to produce less on their own willingly. The risk of producers paying more is much more likely.
UnderTheRadar wrote: Welcome to the world of oil: rug-pulling antics every time....no regulations on short-selling so it's a free-market enterprise and it's why I never hold commodities too long....wait for the next narrative w/OPEC shysters...hedge funds are always making coin on a two-sided trade.
CPG is just under 40/RSI...so not extremely oversold yet (30 area) but a good place to add or start a new position although we may experience a period of range bound trading for awhile barring any new news....
DaveInvestor59 wrote: What happened to that prediction that if OPEC Plus talks broke down the price of oil would start rising exponentially because of low supply? That sure hasn't happened, it's been an energy stock sell-off for 2 days now. It makes you wonder what's really going on behind all this B.S. The energy stocks are already priced low for WTI levels. There's no reason for a stock sell-off of this magnitude.