What is really going on

One of the reasons why OPEC will not be able to bring up prices is due to the Khasoggi affair. Media and the world indicted them, but Trump supported them. Since Trump wants the prices lower, OPEC will not be able to bring up the prices yet. Also the fact the the $ is high, the oil prices need to be low or lower, so as not to kill the demand.

Edited December 6, 2018 by Top Oil Trader

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Edited December 14, 2018 by A/Plague

So OPEC did not yet agree to a cut which explains now the $3 drop. Why didnt they come to an agreement what is the big deal? Did Trump have anything to do with it? I guess we will see tomorrow.

 

Edited December 6, 2018 by Top Oil Trader

I'm just curious for friday's price movement and at what price will market open on Monday. Since, there was not any major accomplishment in the Opec meeting yesterday, i would like to see some drop to 49 atleast but it will bounce back and forth due to the sentiments at the moment.

Anything significant from your TA @A/Plague and @Top Oil Trader ?

Yes there will be lots of news of the opec meeting later.

On 12/6/2018 at 2:48 PM, Top Oil Trader said:

One of the reasons why OPEC will not be able to bring up prices is due to the Khasoggi affair. Media and the world indicted them, but Trump supported them. Since Trump wants the prices lower, OPEC will not be able to bring up the prices yet. Also the fact the the $ is high, the oil prices need to be low or lower, so as not to kill the demand.

How do you know Trump wants a lower price? 

By staying up on geopolitics.

On 12/7/2018 at 7:28 AM, aakash kapoor said:

@A/Plague@Top Oil Trader

 

😚

Edited December 14, 2018 by A/Plague

maybe

If the opec produced more than 50% of worldwide oil like it did in the 60s to 80s it would work 

 

But this map of shale fields change how things are done when you have in the World nearly 250 trillion -possible- barrells of oil things are done differently

So now the real question arises: is there going to be some technical breakthrough in fractionation  (the distillation process)?  It would seem that oil refining is pretty much using the same principles and technology as it did a hundred years ago.  OK, some of the equipment has been tuned up, but no fundamental changes in the technology.  

Let us suppose, as the mind wanders, that some genius develops a totally new method for fractionating oil.  The design is so cheap that drillers now put these fractionaters right out next to the pump, and take-offs of finished products can be made right there.  Now, how does that change the economics of the oil industry? 

For one thing, local consumption of certain distillates, such as diesel, implies that crude does not have to be piped to some remote refinery a thousand miles away, and then trucked or railed back.  That seriously cuts costs.  For another, it implies that heavy oils such as tar sands can be upgraded and distilled in the tar fields, resolving the big bugaboo in Canada, transporting the stuff out of there. 

Never underestimate what technology can accomplish. 

so do you remember me saying this on thursday and on friday. https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Production-Cuts-To-Take-Months-To-Implement.html like i said the msm and the trader wakes up way after the fact

On 12/10/2018 at 10:14 PM, Top Oil Trader said:

 

 

 

Edited December 14, 2018 by A/Plague

so far im very happy with my trading, i am able now to leave the trades open while im away, with only only minor mistakes. i just have to be careful to close the stop losses after i manually exit

very good

  Amazing how much i said last thursday that that the news is only saying today. For example that the cuts would only start to take effect sometime in 2019, https://oilprice.com/Energy/Crude-Oil/Analysts-Output-Cuts-To-Balance-Oil-Markets-In-2019.html

the reason the OPEC cut has not had a larger effect is because the market was already expecting it. Remember the market reacts to "surprises" and not so much whether there is a cut or not, unless the cut was unexpected or larger than expected etc which can create the surprise element. The OPEC cut was well anticipated and already priced in by the market for most expecting somewhere between 1-1.5M bpd cut.