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Losing momentum, just ready for opening at 8.00am. Now 65.31.
Unless this is getting it as low as possible, for shorters to close, can see this slowly drifting back. All this talk of oil at $100 is a pie in the sky, maybe get to $70 to $80 if war with Iran, but all the hype really has come to not alot. IMHO
Spike in oil to 71.0 was short lived, back down to 66.50.
Is this going to pitter out, or will this have legs back up a few dollars.
Yet again the tweet from "Trump the count" saying plenty of oil, spoilt the dream rise that could of been.
Wonder if PMO managed to hedge any at 70 dollars last night.
MrD, shame you weren't in, as could have made a few quid but there's always the next deal somewhere.
Once I get my price I will be putting alot in cash and dividend shares , but only after markets look more stable.
First though, see what the next week brings.
Good luck whatever you decide MrD.
Trump war mongering now, in his last tweet. Could be good for oil if they keep the sanctions on and rhetoric starts again.
Trump tweet
Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!
And Trump the count had to get his tweet in before markets opened to stop the spike in oil. He is one fing pr*ick
Trump tweeted
Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount....sufficient to keep the markets well-supplied. I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.
Wow
ColonelDrake,
I bet they are, makes a change though for the fund managers, MM's etc.... not to be manipulating the market and instead be caught out by something, they may not have thought would happen over weekend.
At least we can have a laugh at their expense for a few days, for a change.
Just shows how biased the International Energy Agency are !
Trying to avoid the hype and realty of the weekend, would not trust any of these reports , all put out there for the good of themselves or their masters...simple !
Trump may need to hold onto his strategic reserves, for all the wars he is risking getting into... :)
N.Korea, Iran etc..... Maybe they will all gang up on US together. LOL
And China won't be buying from US.
An interesting few days and weeks ahead.
Last week Trump wanting to discuss sanctions with Iran, this week Iran want war with US. You cannot make it up, poor Trump the count.
Anything can happen, although depends who would buy US oil.
More to point as seen below, more escalations from Iran. Thought Trumpy Boy was in new negotiations, not from what Iran saying in media, as below. Bring it on.
Iran has dismissed US accusations it was behind drone attacks on Saudi Arabia's oil plants, and warned it is ready for a "full-fledged" war.
Bolton must be having a last laugh on Trump.
Bet he could not believe his luck, you could not write it.
Could not happen to a nicer "count" than Trump.
And just when he said he was looking to relax the sanctions on oil. Love it LOL
Trouble is, everyone will start producing more thinking a shortage then could possibly be over supply in the months ahead.
Better they do nothing and use this to take the glut out the market now. IMHO
Either way be good to see a spike for couple of weeks, for the heartache long term holders have endured here.
If Saudi want oil prices up, why don't they lie anyway and tell the media, they could be disrupted for weeks, possible months.
That is sure to give them higher prices for at least few weeks. I mean who would know in short term. They have everything to lose by telling people they up and running in 24 hours. LOL
Anyway you never can believe anything anyway from middle East, look at the tanker assurance not going to Syria.
Anyway nice surprise, should have thought of buying a few more drones myself. :)
Why can it not happen during stock exchange opening hours.
Always our bad luck at weekends,when does not affect immediate prices. LOL
Anyway like all these things, in short time, will blow over and everything back to normal.
Keeping fingers crossed next week oil heads back up to where it left off before Trump tweet.
And....China and Trump agree to end trade war in Oct, which would be big catalyst.
I was just going through some of the journalists twitter accounts from the OPEC meeting and came across this tweet, which indicates a possible reason no cuts today. Maybe they want to get other countries not complying into line before adding extra cuts, to maximise potential of possible more cuts.
Always some cheating going on, in these agreements, generally from the same countries.
From @PlattsOil
@HermsTheWord
: A Gulf delegate told S&P Global Platts that the members fully compliant with their quotas were tiring of the less cooperative countries.
"This is why it was useless to discuss further cuts, because it will mean a free ride," the delegate said #OOTT
I really feel that there was possibly nothing in the Iran sanctions and Trump the Count, just made it up, to pull oil back, especially the day before the OPEC meeting. He was always in a position to say "talks went well" or talks did not go so well" so was in a win, win situation, taking oil down.
which goes to show in my opinion, he is one devious, person, not to be trusted in any capacity.
Lastly I see oil has done the double reverse i.e. pretend it is going up to be pulled back after people have reinvested thinking it is going up. Is it going for another drop tonight ? Past 4.30pm we will know and not until. It certainly does not look like any legs for a sustained rise.
That will be Mr D secretly back, all in Ha Ha !
And we are kidding ourselves after seeing such a drop in SP if we think it is back on track. Today shows it has given the manipulators another reason to not let go.
Back to the fu*king 70's again. Like snakes and ladders, but twice as many snakes.
Well, it did look wobbly this morning, same pattern of old, tittering then the larger drops coming quickly, without notice.
This morning 58 looked feasible, although I hoped it would not come and here we are.
Thanks for taking out the gains we had, Trump the count.
And PMO back to hefty drops we used to.
Shorters must think it's Christmas again.
While Trump in power stock market screwed for long term holders.
While he in power more for traders.
How 1 man who bankrupted many of his own companies, can single handle put world in near recession, what a guy.
Of course he will blame everyone else and just fire them.
His favourite 2 letters are M E