OPEC cuts lead to lower oil, not higher oil prices. That is why they are cutting. If Global demand was there they would not be cutting they would be selling as much as they can at higher prices.
I see too many people get this backward.
I see too many people get this backward.
Comment:
As expected after 3rd OPEC cut announced oil closes down $71.84.
But some say this is not "educational".
Lines on a chart crossing giving buys and sells losing people money is educational. 🤣👌
UNREAL!
But some say this is not "educational".
Lines on a chart crossing giving buys and sells losing people money is educational. 🤣👌
UNREAL!
Comment:
3rd OPEC cut & oil $70.61.
Comment:
3 days after OPEC announced cuts here is what is happening in the price of OIL.
Comment:
OIL Break $70
Comment:
OIL hitting $67 this morning after the 3rd OPEC cut was announced.
Not educational?? SIGH!
Not educational?? SIGH!
Comment:
OPEC+ production cuts were announced in
Oct. 22,
Apr. 23,
and Jun. 23.
Oil prices fell on each occasion. The definition of insanity is doing the same thing over and over and over and expecting a different outcome each time.
Oct. 22,
Apr. 23,
and Jun. 23.
Oil prices fell on each occasion. The definition of insanity is doing the same thing over and over and over and expecting a different outcome each time.
Comment:
I always find it amusing being the bad guy to some for being right.
Comment:
El-Erian
"Oil prices have moved higher in response to the announcement from Saudi Arabia that it will maintain its voluntary (1 mbd) cut through September and that this could be both "extended" and "deepened.""
Well! The Saudis see no end in sight for decreasing demand.
Even if prices increased for some odd reason I am sure the increased inflation and interest rates will help consumers and companies to run out and consume more oil.
NOT!
"Oil prices have moved higher in response to the announcement from Saudi Arabia that it will maintain its voluntary (1 mbd) cut through September and that this could be both "extended" and "deepened.""
Well! The Saudis see no end in sight for decreasing demand.
Even if prices increased for some odd reason I am sure the increased inflation and interest rates will help consumers and companies to run out and consume more oil.
NOT!
Comment:
BUT BUT BUT The House of SAUD and OPEC Cut supply!?!? Was oil not supposed to trade higher?
As I have been telling you now since June cuts signal weakness in Oil Prices. It's NOT bullish!
Unfortunately, the "educational" part was removed from this post by a certain someone who didn't understand that it IS educational. I am simply doing it live not magic hindsight B.S. adding a cute story after the fact and claiming this is "educational."
A very poor choice that someone made in my view.
As I have been telling you now since June cuts signal weakness in Oil Prices. It's NOT bullish!
Unfortunately, the "educational" part was removed from this post by a certain someone who didn't understand that it IS educational. I am simply doing it live not magic hindsight B.S. adding a cute story after the fact and claiming this is "educational."
A very poor choice that someone made in my view.
Comment:
New low. Surprised? You shouldn't be.
Comment:
Bigger Picture on USOil.
Comment:
OPEC SAYS ITS OIL OUTPUT ROSE BY 113,000 BPD TO 27.45 MILLION BPD IN AUGUST LED BY INCREASES FROM IRAN, NIGERIA
Lol so much for OPEC "cuts."
Lol so much for OPEC "cuts."
Comment:
Here is a good example of why you should be your own analyst.
Oil has been range-bound for about a year. Oil only started to push higher a whole 7% just 2 weeks ago and yet everyone is blaming the rise in inflation on oil. LOL!
Let me take you back to a time when oil was $150 and inflation was nonexistent. But at $89 it is. LOL
If we inflation adjust oil back to 2008 $89 is more like $70 oil today not even close to $150.
Now let's travel back in time to when Oil traded sub-zero? The answer is no, it didn't.
Simple minds want simple answers. Narratives to fool the masses.
Oil has been range-bound for about a year. Oil only started to push higher a whole 7% just 2 weeks ago and yet everyone is blaming the rise in inflation on oil. LOL!
Let me take you back to a time when oil was $150 and inflation was nonexistent. But at $89 it is. LOL
If we inflation adjust oil back to 2008 $89 is more like $70 oil today not even close to $150.
Now let's travel back in time to when Oil traded sub-zero? The answer is no, it didn't.
Simple minds want simple answers. Narratives to fool the masses.
Comment:
Oil topping out. $3 above the first OPEC cut, and 8% above where it closed in Dec 2022 where it acted as resistance.
This proves my point. This is the 3rd OPEC cut.