Crude is screwed, man.

I'm telling y'all, again...If OPEC does not agree to extend cuts at the May meeting, crude is screwed, dude.

Hasn't been a good business-day trading week for the CL bulls. Hmm.

 

I thought daytraders were agnostic? Isn't that the whole point to daytrading? LOL.

 

Huh? Where did daytrading and deific beliefs come into this conversation? Mav, you've gone funny.

 

Agnostic: "a person who is unwilling to commit to an opinion about something"

https://www.merriam-webster.com/dictionary/agnostic

Oy vey...

 

Short term bottom is in. Long CL 48.44 Initial stop 45.49

 

I did commit to an opinion, when I started this thread. Crude is screwed. I felt crude was going down at the time I created the thread. This is not agnosticism, but rather the opposite. It is/was a conviction or belief about something. And I believe/feel that if OPEC does not agree to extend their "cuts" in May, CL is screwed dude.

Is that better? You dig?

 

No. You specifically made reference to "daytrader" and made the comment daytrader bulls (is there such a thing?) are getting hurt. I don't even know what that is. I then followed that up with aren't daytraders by definition agnostic? Meaning they go "long" and "short" at their will and "don't" have a specific bull or bear mindset.

 

It doesn't matter what OPEC says they will do because they never 'do what they say'.

They only make agreements for PR and political reasons.

They want the other members to reduce THEIR production to raise prices while they continue to produce at the old rate and make more money at the new, higher prices.

The last time they made an agreement in January? Russia agreed to reduce production by 400K barrels a day from a collective
OPEC agreed 8MN a day.

Two weeks after OPEC agreed to the reductions Russia announced they were RAISING production by 400K barrels a day.
Essentially 800K more than they agreed to at the last meeting.

If you could see a satellite map of the Persian Gulf you would see dozens of supertankers sitting in the Gulf being used for storage....at the rate of 1000's of $ a day.

That is oil that has already been pumped.

And when it hits the market it will drive prices lower.


OPEC is done. They have little impact on oil prices, there are too many other nations producing oil from new oil fields and better alternatives like solar and electric etc.

OPEC has devolved into a fractious social club for billionaires and Royal Family members. Their best days are behind them.

 

Those same supertankers were sitting in the gulf when oil doubled from 26 to 52. LOL. They are called options. That's what they are used for. They will always be there.

 

Well, whatever they decide to do; the Saudis will do it in style.



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