Algeria proposes 796K bpd OPEC cut at meeting-Bloomberg

Libyan oil minister Mossa Elkony said an agreement could come today

This post has been edited by zacknistelrooy: Sep 29 2016, 12:17 AM

OPEC reaches deal to limit oil production, to be executed in Nov - RTRS

Update: It may be awhile before we find out the details because OPEC leaders are now taking a break but say they will continue afterwards.



This post has been edited by zacknistelrooy: Sep 29 2016, 02:57 AM

The Reuters report suggested a 700K bpd cut but another one suggests it's not yet decided and in the 200K to 700K range.

Oil has pulled back to $46.84 on this report from $47.45 at the highs. In my experience, Reuters has the best OPEC reporters, by far. So I wouldn't bet against them.

The only thing that could undermine it are the details. Countries certainly have time to maneuver between now and the next meeting, which is scheduled for Nov 30.

Update: It's looking like they're just going to walk out with the 32.5 mbpd target and a plan to figure it out in November. What could go wrong?



This post has been edited by zacknistelrooy: Sep 29 2016, 03:00 AM

**Update:**
Getting more news, hopefully can get some confirmation before market close.

This post has been edited by zacknistelrooy: Sep 29 2016, 03:15 AM

Yeah could be all for show, only time will tell.

Last Update

Dow Jones Transportation Average Index going for a breakout/ new downtrend ?

Deutsche Bank news came out.

The problem is I have heard this story for two years already so I would expect some people have a plan since it did not hit them surprisingly but worse case scenario it is like 08 but for European banks.

Only time and price action of equities will tell.

Yes that is what will probably happen.

Even now I heard there are a few shale plays that are making money.

Yes the breakout is not as strong as 2011-2014.

More of a stock pickers market.

US oil rig count rises for 13th week in 14, up 7 rigs to 425: Baker Hughes

Yes looks like it will trade in the 40 range unless Dollar goes down or OPEC says something else.

Yeah you are right, looks like oil volatility is starting to head down.

Yes, looking quite bullish important levels will be around 50.45,51.70.

U.S. 10-Year Bond key levels are 1.72 and 1.75 on the upside and 1.68 on the downside ahead Initial Jobless Claims.

This post has been edited by zacknistelrooy: Oct 6 2016, 05:24 PM

US initial jobless 4 week average

With the Hurricane approaching the East Coast that might be tough.

This post has been edited by zacknistelrooy: Oct 7 2016, 12:35 AM

The U.S. economy added 156,000 jobs last month, the Labor Department said. U.S. nonfarm payrolls was expected to show that 176,000 jobs were added in September, compared with the 151,000 increase in jobs a month earlier.

Crude holds losses as US oil rig count rises by 3 for 14th increase in 15 weeks.

Trending upwards, oil production rise ?