Who is still long oil?
Gonna be a crazy opening!
“OPEC+ reaches historic deal to cut global oil production amid falling prices” https://twitter.com/i/events/1249408294059298816
Gonna be a crazy opening!
“OPEC+ reaches historic deal to cut global oil production amid falling prices” https://twitter.com/i/events/1249408294059298816
I wish I were
When does oil start trading ?
OOPS
Sell the news…how crazy it that ?
https://markets.businessinsider.com/commodities/news/oil-price-war-opec-russia-historic-agreement-crude-production-cut-2020-4-1029084523
Yep. Big time sell the news… Boyah
Think about those photos of distant mountain vistas in India, clear water in the canals of Venice, deserted freeways in Los Angeles.
The factories of the world are shut down and the workers of the world are hunkered down. The air and the water are clean again.
Aircraft? Not flying. Cruise ships? Not sailing. Cars and light trucks? In storage.
How much has oil consumption fallen? Ten percent? Twenty? Or more?
If more, then how much more?
The demand for crude oil has certainly fallen much more than than 10%.
Therefore a 10 percent drop in crude oil production, even if it holds, is not going to cut it.
Has crude oil more work to do on the downside before this is over? Very likely.
Most of downside is priced in… (unless another vix spike and liquidity issues). Eventually.. this oil production cut.. and if more to come.. will provoke equilibrium and bottom in oil. I think we rally higher until 37$.