i believe crude will dice sharply maybe to <42 when opec telks same no cut story. exciting tmr evening.

oil is very shaky...

will be interesting to see a combo of opec no deal-us stock buildup-rising $ next day or 2!

sco, +7.5% now, see if it will become +15% tmrw.

what? crude now +6.5%!
opec speculation again and again???

wti +8.3% at 49!

oil traders, punters, even "tourists" in euro oil markets are having a field day now.

but we have to see what opec says AFTER the meeting later.

10.30pm nymex opening will be very interesting.

Wow.. big hurrah 20% for UWTI. Perhaps the last one before it gets delisted in 1 week time.

The agreement so far isn't quite shock and awe but more of what they've talked about last time.
Can Oil break above $50 from here?

OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers


i doubled up last night and lost!

wow. finally a cut of 1.5m per day. effective from jan 2017 for 6 months 'but can be extended' ...

But, it isn't a big deal. More or less what they said last time. Is this enough to reduce the over supply?
Probably so to help the market re-balance itself but I don't think it will cause price to surge back to old highs like 80s or 90s.

Not sure how they will enforce this because we know some OPEC members will cheat by
over produce and a lot of US shale eager to jump back in once it has reach 55-60 level.

brent already crossed 50, target achieved.

wti will cross 50 with the tail end of the saga.

still early days... will the cut be honored?

still plenty of surplus lying around.

50-55 for 2017 most likely.

80-90 is history, won't happen for a long long time.

agree with both Dan and Avfan.
i never trusted arabs words. i had personal contacts with these middle east people sometimes ago. when they speak i need to read between their eye brows to get the r eal meaning.
i also believe that most opec guys would not adhere to yday's 'agreement' and they will cheat.
Trump admin has been talking about protecting their oil n gas industry and more shale people will surface n fight for the US market share.
usd100 rpice tag shd b a history n i dont believe crude will hit it even in another economic cycle of say 8-10 years cos new technology n super efficient processes shall reduce the need for more energy, even when the economy improves.
so.....lets aee how high crude goes before finding a newer but temporarily level.
...this is a strange world. few worda will move things around!!!

wow, 2200 breakout already....

i also don't think oil can regain their past glory....it's just "not the future"....
unless, something VERY BIG changes how human beings live, then that's a different story....

Let see if it can break the last new high $52.. and stay above there.
If so, there will be new trading range.

Maybe we will be looking at $50-55. or the new $50-$60 handle on the bigger range.

The "promise" to cut isn't quite at much at all. It will only start later but
let see how many OPEC members will curi curi over produce now and result in even more glut short term.

I just noticed despite all the powerful crude rally, UWTI still hasn't got back to the old highs in June when WTI crude was at $52. Same like in October.

The decay in this thing is killing it.

This post has been edited by danmooncake: Dec 2 2016, 12:32 AM

But, our govt and PM trust the arabs... even got donation.
Pun intended..

This post has been edited by danmooncake: Dec 2 2016, 12:35 AM

Oil backing down from $51!

Come 'mon bears.. where are you?


Hopefully, he's right:
https://finance.yahoo.com/news/opec-countri...-183557513.html

This post has been edited by danmooncake: Dec 2 2016, 07:48 AM

will take more development to get over 52.

anyway, the short squeeze was on, not a joke it shot up 13% in 2 sessions.

for dwti (to be delisted tmrw), it was -40% in 2 days!

opec target achieved - new output x 51 > old output x 45.

think the volatility will persist for a while.

slightest sign of cheating will bring it down again.

i think its time to sell crude. 51+ seems a bit high now. and the opec effects shd wade off bit by bit.

very tough battle now.

been 3 days of very steep climb.

if bulls win, cross 51.70 and then onwards to 60?

if not, will retreat to 48?

the next significant dev will have big impact, i think.

yes. crude pruces have been v resilient. any dip is quickly absorbed n pushed upwards.

I think it will take more real demands to push up to $60 but I won't be surprise
if bulls able to make it cross over $52 the next 30 days to touch $55 (first level). It is pretty close to $52 now anyway.

The inventory building up could dampen the move but those hedge funds also got big money to throw at this,
and just sell crude at future higher price (by renting more oil tankers now).