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Reuters headline on IG . WSJ broke it first apparently, enough to cause the pop

Saudis have asked the Iraq’s SOMO for 20mmb of crude to supply its own refineries.... temporary blip to fulfil exports or still struggling to bring supply back on?

Small reduction in shorts from Connor Clark and Bum yesterday

As per earlier it was a well executed algo attack in a thin quiet lunchtime market to take out the easy picking stops at 85. 20 or so 1900 lot trades in quick succession was enough to clear the bids and rest of the order book pulled. Second wave of 15 or so 800 lot trades less successful. Corrupt smash n grab although volume was poor so not sure they made that much out of it. Enough for a few protein shakes

Stats better than API and forecasts but slight build overall.

Production unch 12.4
Crude +1
Gas +0.8
Dist +0.5
Cush -0.6

Finish back at 90 ? The biggest winners on the day were the Algos hunting down the stops around 85....be careful what people say on here about setting your stop levels....

So supposed quick recovery...amazing if true..when’s somebody going to ask about cause and consequence....

And the rest....depends on how much oil in Saudi storage to meet customer demands. Middle East Stocks tend to drop in the summer due to the crude burn for power demand. 5 million barrels a day off market has to be worth at least 5 dollars knee jerk on Open imo.

One source rumouring 5mmbpd virtually half of Saudi current production.....tough Monday ahead for some of the less hedged shorts out there

Un named source talking to Bloomberg said production had been affected, but no comment from Aramco yet who are in emergency meeting, about just how much...a later picture by tanker tracker seems to show the smoke plumes dying down, but pretty extensive as Geo points out

Khurais complex can process upto 7mmbpd, important desulphurisation unit for sour crude...linked to Saudis second biggest oilfield...not quite sure it will be forgotten Monday...no damage reports yet, markets shut, sun out , cricket....and St.Leger..Enjoy the weekend

https://www.bbc.co.uk/news/world-middle-east-49699429

#amena_bakr seems to be quickest

Correction of previous. IEA leave demand unch but non opec growth increasing

OPEC drive for more cohesiveness and compliance but as yet no talk of extra cuts

Market dropped on IEA lowering call on OPEC for next year due to over supply and lower demand.

JMMC press conference just started. Chatter of an extra 400kbd cuts

#OPEC for live updates from several reporters on twitter

Does anybody believe that the Iranian hardliners will meet with the US? They said as much this morning...,and Israel not helping as it ups the ante...frustrating to trade the tweet as it destroys the charts! but let’s see what OPEC have to say tomorrow, no doubt bullish news to have got the trumpeter posturing...

The John Kemp Reuter’s column is a rest read this week in the reduction in drilling rigs, downturn in energy jobs and the lag time in the fracking industry...conclusion is that gradual decline in production as long as OPEC don’t get too greedy

Not sure, which charts you’re looking at but the VIX is up 1.5% today still near it’s 5 week lows...next Chinese talks not til next month but .,there’s just the question on what Trump says next as the markets near all time highs....unlikely this week on the eve of 9/11.

Don’t under estimate the Saudis with the new energy minister hand picked by MBS. OPEC monitoring committee meet Thurs, odds are for a rollover and maybe a little more. and also the major impact of IMO 2020 still to be embraced by the market.

Breaking that downtrend in Brent from April was significant, as will be a close tonight over the 100 day Ma, first time since May. Next target the 200 day close to $65.

Don’t let the fence sitters, influence your decisions, or in fact anybody, including myself, on this board. Run your good trades...Good Luck

Looks like Brent has broken the downtrend line that’s been dominating the chart since April. Need to get s close above it to confirm.

PMO opens st 85?

And will you be blaming TD for that as usual?

The current backwardation in the front 2 Brent spreads doesn’t imply a weak physical market.... hedging programs skewing the curve

Today’s candlestick looks good so far, but plenty of hours left in the market. The Brent downtrend line now 61.80ish, probably 61.50ish next week. IMO think we will retest over next few sessions.

Happy trading