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

at least some "deal" reached.

fair gain, 5%, 47.

volatility will probably persist for a while.

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

strong oil bull.

**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

i am skeptical. it may just be another "show" - to talk up the price.

i will not fall off my chair if nothing concrete but more talk develops in the coming days.

having said that, it is probably not a good idea to short anymore until the picture is clearer.

it's past my usual bedtime... goodnight!

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

Last Update

Nice!!

The oil world is not ending.

Now, I wish I got more long side play.

Congratulations, contented is happiness.

showtime747 did you walk your talk? if you missed the opportunity, it is not too late for you to long. The more you buy, the higher the price will rise.

This post has been edited by icemanfx: Sep 29 2016, 08:17 AM

Supernice.. we'll at the top side of the price range here finally: $48.

Maybe it will even attempt to get to $50 but I'm going to take some off here.
Rest I will leave for option expiration. This is going to be a good week.

What a relief.. earlier part of the week, I thought going to be handed a huge boatload of shares.

I hope it won't break out so soon.. I kinda like it while it is still between this range: $43-$48.

This post has been edited by danmooncake: Sep 30 2016, 12:16 AM

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

strange... dow suddenly -170?

Deutsche Bank news came out.

hmm...

looks like it... $ rising, credit crunch in europe?

http://www.telegraph.co.uk/business/2016/0...financial-worl/
http://www.zerohedge.com/news/2016-09-29/m...ntagion-spreads

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.

looking pretty bad, dow -200.

tmrw is fri... gotta be careful...

s&p financial got thrashed. due to fear of banking sector worsening....dows -200 and doeant look good.
wow...been a while since seeing indices purge. damn

it is looking very jittery.


even the oil bulls pulled back!

the confidence of crude bull is capped. looks like 48 is on the high side.

If oil is above 50, more shale oil will be online.