Post by
drunk@noon on Nov 20, 2023 10:17am
New York J's are setting up the narrative to slam the price
again after OPEC meeting. The narrative now is that Saudi's may cut again, or do something else to defend the price. Cleary they won't as the world wide inventories are dropping going into the winter and they have sacrificied enough as it is. And when they don't do anything they will scream from the rooftops (see stooges on CNBC) that the oil market is weak and something needs to be done as the economy is collapsing--it's not, but that's their narrative and they control the narrative. Now even if the Saudi's do offer another lollipop cut--they won't, but even if they did, after a weak spike oil would finish down for the day, as they would point to the cut as it being a desperate attempt to combat the weakness in the oil market, not that it is a weak market, but they control the narrative.
Comment by
Diligent2 on Nov 20, 2023 10:33am
They have control until they don't. Cold week coming up and winter and DRAWS.
Comment by
liljohnnyjoke on Nov 20, 2023 12:06pm
Looks like they will manipulate WTI price to a nice even $80/bbl ahead of the meeting, OPECs desired stable price, to entice them to do nothing at this meeting, so they can come back from the holiday and launch another WTI short attack, this time down to $68. Might be an idea to load up on HOD Monday morning if OPEC does nothing. And no bigger war in middle east.