OPEC+ to Iran negotiations,opportunity for traders and dictators
In the day 44 of the current daily cycle, wti is well placed in the timing zone to bring Daily Cycle High and start its journey towards Daily cycle Low. I believe June 18-20 is the time for the bottom of this cycle but it may go a week beyond that because of fundamental forces that can extend this cycle.
I am sure you have noticed the negative div. and other cross-overs, overbought conditions and ...
But what shall we expect from OPEC+ today (Monday)?
1- low probability that UAE won't agree with the extension deal. So, no production expansion and price shoots up
2- medium probability that UAE joins the cattle and they plan the increase all trough 2022. price shall fall
3- medium to high probability that the expansion is dealt only till December 2021. Price will be confused
another important factor is Iran. As an Iranian I might be more familiar with the situation so let me say that I believe there will be a deal in less that a month from now and the dictators can survive a few more days(I have many factors to consider here). All in all, passing the August consumption high, I can't agree with many fellas on $100 oil
time will judge
I am sure you have noticed the negative div. and other cross-overs, overbought conditions and ...
But what shall we expect from OPEC+ today (Monday)?
1- low probability that UAE won't agree with the extension deal. So, no production expansion and price shoots up
2- medium probability that UAE joins the cattle and they plan the increase all trough 2022. price shall fall
3- medium to high probability that the expansion is dealt only till December 2021. Price will be confused
another important factor is Iran. As an Iranian I might be more familiar with the situation so let me say that I believe there will be a deal in less that a month from now and the dictators can survive a few more days(I have many factors to consider here). All in all, passing the August consumption high, I can't agree with many fellas on $100 oil
time will judge