OPEC Thread - November 27 2014

atrocious · Nov 24, 2014

Anyone have an idea when the announcement can be expected on Thursday (New York time)? My guess from the OPEC link would be 16:00 CET (noon EST). If anyone has a better idea on time please share, trading ideas welcome!

BBG says the following: (I think the time they quote is the start, not the presser)

-OPEC conference. Oil ministers from the 12-member Organization of Petroleum Exporting Countries meet in Vienna to decide policy. There will be a press conference with OPEC Secretary General Abdalla El-Badri. 10:00 CET (04:00 EST).

OPEC's link here:
http://www.opec.org/opec_web/static...ress_room/166th_Meeting_Tentative_Program.pdf

TexasTeaTrader · Nov 25, 2014

Rumor has it that they won't cut production.
You could be right on the 16:00CET, makes the most sense.

TexasTeaTrader · Nov 25, 2014

http://finance.yahoo.com/news/oil-tumbling-160827945.html

bh_prop · Nov 25, 2014

Rumor been sold

TexasTeaTrader · Nov 25, 2014

bh_prop said:
Rumor been sold
More...

Yup

TexasTeaTrader · Nov 25, 2014

NVM they changed their minds

http://www.zerohedge.com/news/2014-...opec-will-cut-supply-seek-stricter-compliance

ogarbitrage · Nov 26, 2014

U.S. and Brent crude plummet after Iran and Saudi oil ministers meet

Reuters said:
"(There is) unity inside OPEC that we should monitor the market carefully and to react at the convenient time for managing the market," Zangeneh said when asked whether an agreement between members was emerging a day ahead of a meeting of the Organization of the Petroleum Exporting Countries.
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ogarbitrage · Nov 26, 2014

Naimi ‘as happy as can be’ ahead of OPEC meeting

SaudiGazette said:
Asked if he thought this week's meeting might be a difficult one, as many analysts have said, he replied: "No - why?"

He was no more forthcoming when asked about the 30 percent drop in the price of oil since June: "It goes up and it goes down."

"This is not the first time the market is oversupplied," he said. Asked to comment on the state of the oil market, Naimi said: "Aren't there enough comments already?"
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I love this guy.

Saudi, Russia pre-OPEC talks yield no oil output cut

Reuters said:
"We discussed the situation in the market, we shared our points of view, we need to keep in contact and we agreed to meet again in three months," Ramirez, who until recently was oil minister and president of state oil company PDVSA, said.
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Reuters said:
Igor Sechin, the head of Russian state oil company Rosneft and a close ally of President Vladimir Putin, arrived in Vienna on Tuesday amid hints that Moscow could cut output or exports if the producer group did the same. Russian Energy Minister Alexander Novak also attended the four-country meeting.

"I'd like to highlight that current oil prices are not critical for us. We can postpone some capital-intensive projects," Sechin told the meeting, according to a Rosneft statement.

"What is going to happen of course is that it (low prices) will have an impact on the global oil supply," he said, apparently referring to a possible longer-term drop in output in countries where oil production is more expensive, including some projects in the United States.
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I'm leaning towards no cut this meeting.

stock777 · Nov 27, 2014

"We had a good run Granny, but at <70, it's back to the the old farm"

TradeWarrior310 · Nov 28, 2014

Did a strangle 1 Feb 64 put and 1 Feb 84 call on Wed when CL was at 74. Made 500 bucks cashing in the put when CL bounced a buck off the lows yesterday. Just didn't have the sack to hold on lol. Still holding the call and added two more on the cheap, was thinking we may see 74 again before we see 60. But after today's close, may be the opposite! :eek: