oops

[boneil]

So back in Feb. when oil was trading in the 20s, rumors started to circulate about a meeting between opec members and russia in regards to oil production. Rumors turned out to be true. And oil began it's climb back into the low 40's. The meeting was to outline a plan to freeze production rates at a level to help stabilize the price of oil. In the days leading up to this meeting, there were rumors and stories which caused oil to bounce around. That meeting was today.

Now I am in the camp that oil would sell off after the meeting because the market has already priced in a production freeze. Add to that, the low global growth rates. And I think oil will head lower and stay relatively low for a long time. Floating around in the 30s and possibly retest the recent lows.

But what happens now that the meeting has ended and there is NO deal. No production freezes and the Saudi Prince said he will sell oil to whoever at whatever price. Iran said they will produce more oil. Russia will have to produce more.

Monday will interesting. Maybe I finally start to get paid for my trade thinking the market goes lower.

[truman lake andy]

Yea, Looks like no way it will go much higher, lots of room for it to go lower. Even if they agreed on production freezes, they would not abide by them.

[Ranger-85]

Time to sell the electric car LOL

[boneil]

Well aren't we making a fool out of me.

[truman lake andy]

Seems to me like the $37 - $38 range for oil is the tipping point, looking at charts. Lots of other unpredictable factors happening to the oil supply, Kuwait strikers, Brazil's govt mess, Egypt, pipelines going down in Russia.