OPEC+ meeting delayed as Saudi Arabia and Russia row over price collapse

OPEC+ meeting delayed as Saudi Arabia and Russia row over price collapse

From reuters.com

OPEC and Russia have postponed a meeting planned for Monday until later next week, OPEC sources said on Saturday, as a row intensified between Moscow and Saudi Arabia over who is to blame for plunging oil prices. The meeting's delay came despite pressure from U.S. President Donald Trump for the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to urgently stabilize global oil markets. OPEC+ is working on an unprecedented oil output curb equal to about 10per cent of world supply, or 10 million barrels per day, in what member states expect to be a global effort that will include the United ... (full story)

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Apr 5, 2020 2:20am

Quoting DaJoWaBa

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There's a backdrop being ignored here: how soon global storage becomes full which will create its own havoc. You can't even rule out negative prices to clear the excess. OPEC may want to try to manage output and price but not even Saudi or Russia will be able to cope that well with no demand at all.

Ignored

Yep.. Nailed it.
Im sure you already watching Baltic Exchange Tanker rates.. Tankers being tied up in oil storage roles and transport rates rocketing..

RazorFitch

Apr 4, 2020 9:52am

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Dump all the way to $19

vikinsa

Apr 4, 2020 10:27am

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USOIL worked great last week as predicted. Now It seems a little over stretched and market could be looking to retrace a bit. There are several opportunities in here.

https://www.youtube.com/watch?v=GFGUE_WYHag

2dollardog

Apr 4, 2020 1:58pm

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Quoting Mr.Kebab

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{quote} Problem is that Trump wants Russia and Saudis to cut while US keeps pumping.

Ignored

And Putin wants the opposite before he'll agree to cuts. Important to notice that there was a brief stint of news whereby Trump was said to consider shutting the Oil rigs in the Gulf Coast under the guise of the pandemic. (People on the rigs were getting sick.) I'm inclined to think this is Trump acquiescing to Putin (or the oil war). It depends on how much oil production is shut down from the gulf coast. I'm assuming it's a lot.

In the end, This is the truth.

And the ultimate goal is This.

sadeghi

Apr 4, 2020 9:50am

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I think it's a dump for next pump to push it more to 40$.
anyway, the daily chart show that WTI will go up to 30$.
usd.cad based on daily chart will fall to channel 39$

Momofrmnyc

Apr 4, 2020 10:06am

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Quoting sadeghi

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I think it's a dump for next pump to push it more to 40$. anyway, the daily chart show that WTI will go up to 30$. usd.cad based on daily chart will fall to channel 39$

Ignored

Oil has no demand for $40 it has nothing to do even with price wars at this moment. Just simple supply/demand oil will not be hitting that target for some time.

USD/CAD definitely going up before going down in my opinion. We will see how it plays out as the week starts but I already have a nice long on USD/CAD at 1.40 and expect it to finally go on its bullish breakout. Let's see how it turns out.

Also the biggest catalyst which is the virus hasn't dissipated which is why I feel USD/CAD couldn't break the lower 1.40 handle and hold it there and until this stuff clears it won't clear that hurdle.

Ghass1234

Apr 4, 2020 9:48am

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LOl oil gap down . And cad will die

OnlineAddict

Apr 4, 2020 12:08pm

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Quoting sadeghi

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I think it's a dump for next pump to push it more to 40$. anyway, the daily chart show that WTI will go up to 30$. usd.cad based on daily chart will fall to channel 39$

Ignored

It was 30 already on my chart. Am I missing something?

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DaJoWaBa

Apr 5, 2020 1:50am

Permalink

There's a backdrop being ignored here: how soon global storage becomes full which will create its own havoc. You can't even rule out negative prices to clear the excess. OPEC may want to try to manage output and price but not even Saudi or Russia will be able to cope that well with no demand at all.

fxx360

Apr 4, 2020 10:55am

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[quote=vikinsa;12857748]USOIL worked great last week as predicted. Now It seems a little over stretched and market could be looking to retrace a bit. There are several opportunities in here. https://www.youtube.com/watch?v=GFGUE_WYHag[/quote

This is all bullshit

news news news!! Then supply and demand ratio!!

sadeghi

Apr 4, 2020 10:59am

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Quoting Momofrmnyc

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{quote} Oil has no demand for $40 it has nothing to do even with price wars at this moment. Just simple supply/demand oil will not be hitting that target for some time. USD/CAD definitely going up before going down in my opinion. We will see how it plays out as the week starts but I already have a nice long on USD/CAD at 1.40 and expect it to finally go on its bullish breakout. Let's see how it turns out. Also the biggest catalyst which is the virus hasn't dissipated which is why I feel USD/CAD couldn't break the lower 1.40 handle and hold it there...

Ignored

I didn't say it would go up to 40$ this week. i said they wanna create a sell trap and then push it up by a pump. anyway, 10 to 15million barrels are not that low not to able to bring it up. this cutting number can keep it above 30$.
daily chart show me price 30$ at the moment.
about usd.cad i see channel 39 based on daily chart. take a look at your chart, you will see it.

Momofrmnyc

Apr 4, 2020 11:42am

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Quoting sadeghi

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{quote} I didn't say it would go up to 40$ this week. i said they wanna create a sell trap and then push it up by a pump. anyway, 10 to 15million barrels are not that low not to able to bring it up. this cutting number can keep it above 30$. daily chart show me price 30$ at the moment. about usd.cad i see channel 39 based on daily chart. take a look at your chart, you will see it.

Ignored

Realistically you'd have to first believe that 10-15 bpd cut would first happen.

I believe in my opinion it'll go lower again before rising up. Whether this deal happens or not doesn't change that demand is low and as long as countries remain shut down oil won't rise much.

I believe usd/cad will go up again before going down. We will wait and see and return to this conversation when the markets open again. That's the beauty of the charts we all see something different. I see a 1.43/1.44 before possibly going back down as long as coronavirus escalates though I just see USD power increasing.

herewardwake

Apr 4, 2020 11:53am

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Quoting Momofrmnyc

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{quote} Realistically you'd have to first believe that 10-15 bpd cut would first happen. I believe in my opinion it'll go lower again before rising up. Whether this deal happens or not doesn't change that demand is low and as long as countries remain shut down oil won't rise much. I believe usd/cad will go up again before going down. We will wait and see and return to this conversation when the markets open again. That's the beauty of the charts we all see something different. I see a 1.43/1.44 before possibly going back down as long as coronavirus...

Ignored

I don't think any of us know or have any good reason to believe that a supply cut will happen soon. I usually operate under the idea that people/industries/countries operate in self-interest. There has been an uncoupling of that principle lately. But regardless, I am still building UC and EC shorts.

OnlineAddict

Apr 4, 2020 12:27pm

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Quoting sadeghi

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{quote} it's may contract?! oil price max (WTI/MAY) was 29.12 on my chart.

Ignored

I only have wti/usd.

fxx360

Apr 4, 2020 9:59am

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Last week I said this will short lived and here we are

sadeghi

Apr 4, 2020 12:21pm

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Quoting OnlineAddict

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{quote} It was 30 already on my chart. Am I missing something? {image}

Ignored

it's may contract?! oil price max (WTI/MAY) was 29.12 on my chart.

Apr 4, 2020 8:54am

LOL

Apr 4, 2020 8:58am

Quoting fxwinnerz

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USDCAD down?

Ignored

Should't go up? as oil exhibits a positive correlation with CAD currency!

Apr 4, 2020 8:55am

USDCAD down?

Apr 4, 2020 10:02am

The meeting is delayed not canceled. CAD will suffer more short term. More time to build UC and EC shorts. Don't get trapped on the long side....

RazorFitch

Apr 4, 2020 9:54am

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This is an utmost joke and loss of credibility , Russians don’t know how to negotiate, Saudi are bitter about Russians that won’t go away anytime soon , and US is desperate to save it’s dying shale oil companies ... This is one Pathetic loop of issues... game over

vikinsa

Apr 4, 2020 10:46am

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Quoting fxwinnerz

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USDCAD down?

Ignored

USDCAD has a monthly double top and cypher pattern. So it is expected to go down. However before falling down, there are chances that it may go back up. That means we can better shorting opportunity if we are looking for one. It is creating a lot of patterns to give us great opportunities. Here is my full top-down analysis:

https://youtu.be/Qi7dlk1AbP8

Mr.Kebab

Apr 4, 2020 1:18pm

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Quoting RazorFitch

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This is an utmost joke and loss of credibility , Russians don’t know how to negotiate, Saudi are bitter about Russians that won’t go away anytime soon , and US is desperate to save it’s dying shale oil companies ... This is one Pathetic loop of issues... game over

Ignored

Problem is that Trump wants Russia and Saudis to cut while US keeps pumping.