Hear Big Mideast buyers going long in anticipation . . .

[SKEP + 229]

.  .  .  .  of news coming out of OPEC JMMC Meeting September 12th. .

This MIDEAST buyets started big short covering buy on NYMEX . . . Thus 4% + price increase.

Source said this is all part ofOPEC response and plan to counter new flood of U.S. oil on to world market.  Per  RBC anslyst Helima Croft says OPEC wants to demonstrate they still have control over Oil markets and pricing.

IT WILL WORK !  (short term)

Is this the Rising Phoenix or a last desperate attempt to regain OPEC Glory Days.

Going to be volatile over next couple of weeks.  Look for supportive statements from Russia and other OPEC members to keep the dream alive.

Dubai JMMC Meeting on the 12th coincides with World Energy Conference on the 9th thru 12th. 

ARAMCO trying to name IPO Investment Banks this week.  Expect supportive brown nose remarks from these Bank's Oil Analysts over coming weeks also.

Looking to see EIA production and export numbers tomorrow

 

 

 

 

Edited September 4, 2019 by SKEP