Member Info for nhawan

Read that mate and then tell me if what I wrote was my own opinion.
https://edition.cnn.com/2020/04/03/business/oil-ceos-trump-meeting/index.html

"America's leading oil CEOs urged President Donald Trump on Friday to grant the embattled industry access to government programs aimed at helping companies harmed by the coronavirus pandemic.
Trump was "very receptive" to that request and did not discuss government-mandated oil production cuts during the meeting at the White House, American Petroleum Institute CEO Mike Sommers, who was in the meeting, told CNN Business.
Saudi Arabia and Russia would like to get the United States, the world's leading oil producer, to join in emergency cuts aimed at halting the crash in oil prices.
"We are operating in a market economy, not one with state-owned oil companies," Sommers said in an interview following the meeting with Trump and the CEOs of ExxonMobil (XOM), Chevron (CVX) and other major oil companies. "

From that bit of the article it looks like the US will not be making any cuts and that is a requirement of Putin so a deal is gonna face difficulties.

Some being optimistic for tomorrow but how many are gonna risk losing a 50% gain in a trading session? Most buying in last week are short term traders who will sell in minutes rather than hold for days/months.

The delay in the meeting due to tensions and the fact that Trump didn't even discuss cuts with US operators indicates a deal will be difficult to make. Putin wants all major players to make cuts and the US Government can only commit to cuts if it had talks with it's own companies first.

Pretty sure POO will be diving tomorrow because of the massively reduced chances of a deal.

redblue,
you underestimate this open spat between the two. They are most likely playing a game to play the markets and Trump. Trump and crew have been threatening the Saudis to get this deal done and I doubt they took to it kindly. Almost certain they will drag this along to punish US Shale.

Red day on Monday gauranteed.

That article is behind a paywall.
Here is another one.
https://www.bloomberg.com/news/articles/2020-04-04/saudi-arabia-says-putin-s-comments-on-opec-deal-is-incorrect

Markets will react to this badly on Monday.

https://www.marketwatch.com/story/opec-virtual-meeting-in-doubt-for-monday-after-saudi-arabia-sharply-criticizes-russia-2020-04-04

The Saudis and Russians are playing a game imo. The Saudis criticizing Russia suggests there might not be a deal even if there is a meeting.

The Ft article is behind a paywall. ASnyway Putin says 'all major players' which means the US too. In the past the US has never committed or joined in on any cuts and were actually pumping out nearly 10m barrels per day before the fall.
Putin would be better off putting on the pressure on US Shale for a while longer rather than folding after only 1 month.

A really doubt OPEC will cut more than 10m barrels on its own leaving the US to fill in the void unless they are stupid of course like Trump thinks..

Whether you agree or not I suspect the big boys will be derisking before Mondays meeting. You can tell by the charts this is gonna revisit 300p or less if the deal is not as Trump expected...

lol mate have you followed it over the last 2 weeks? whos the numpty...?

No one interested here. More money to be made in Bp and other big oilers,

I reckon there is no way Saudi and Russia will cut over 10m barrels.
Just look at this graph...
https://twitter.com/stocknews1st/status/1246049995930972161/photo/1

For OPEC to cut 10m would mean helping the US oil producers retain market share. Trump thinks they are stupid right?

I meant the cuts will be far less than Trumps claim of 15m. Either way BP is struggling to move up even when Brent is over $33 which is the opposite of what was happening all week where the sp was shooting up at the slight movement in oil price.

That means the smart money is taking their weekly profit rather than risk it.

Speculators taking oil up in the hope of a deal on Monday. I reckon if there is a deal the oil price will be far less than what Trump is claiming. Dumping will start when that happens.

Strangest thing I've seen. Even after the Russian denial speculators are still hoping for a deal.

Let's not forget that Saudi and Russia failed to reach a deal to cut just 1.5m barrels per day previously and somehow people (and Trump) are expecting 15m barrels to be cut now. wake up ffs.

https://www.reuters.com/article/uk-global-oil-usa-output-exclusive-idUKKBN21K2SG

The guy is essentially threatening them to make cuts...

“I do believe there’s a way that that can be solved or pretty well solved. And I’d rather not do that. I think that Russia and Saudi Arabia, at some point, are going to make a deal in the not-too-distant future,” he told reporters on Wednesday.

So it looks like Trump is playing the markets. His son did tweet that he was buying low priced stock so I suspect this is all a ploy to pump and dump. The Russians rejected his tweet so prepare for a retrace.

Very hard to believe Saudi and Russia will cut over 10m barrels per day. All that will do is help US Shale recover and start filling the reduction made by OPEC. Got to be cautious with any Trump tweet.

Trump must be playing the markets. He tweeted this :
https://twitter.com/realDonaldTrump/status/1245720677660925952

"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!"

No wonder the oil price jumped. BP will be over £4 pretty soon.

It was actually Trumps tweet.
https://twitter.com/realDonaldTrump/status/1245720677660925952

"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!"

Brent shot up to over $31. A deal must have been agreed. Luckily got in for the ride.

maybe time to get back in. The share is constantly bouncing.