If OPEC HINTS at cutting production, just a HINT, you are going to see oil back above $60 and if they start cutting you will see $75+ within months......We all know its NEARLY IMPOSSIBLE for oil to stay range bounce between $35-$45.... There is always going to be something or someone thats going to cause a situation where oil prices are going to surge!!! They say EVERY SINGLE PENNY increase in gas prices drains $1 BILLION out of the economy each year....Looks like that nearly $10 rise in oil the last few days is going to take quite a few billion out of the US economy moving forward. Not like the drop in oil prices did anything to spur economic growth like most thought it would, it actually didn't do anything to create growth, so in reality any upside in oil will only cause more out of pocket expenses for consumers...did anyone really take that extra $4.92 worth of savings each week from filling their cars and get all giddy that they now had extra money to go out and spend spend spend????? Well thats what all those highly paid economists thought....
from business insider.....
Crude oil is going parabolic
Read more: http://www.businessinsider.com/crude-oil-price-august-31-2015-8#ixzz3kPcW0jES
Crude oil is going parabolic.
In just a few minutes on Monday morning, the price of oil went from down 3% on the day to up more than 5%, with West Texas Intermediate crude rising above $47.50 a barrel for the first time in a month.
This rally follows a 2-day surge to end last week that saw WTI prices rise nearly 20%. According to the folks at Bespoke Investment Group, this is the biggest 3-day rally for crude since January 2009.
Last Friday, Dave Lutz at JonesTrading noted that quite simply, people were betting heavily against oil and those shorts were getting squeezed out at the end of last week. And so some of this may still be getting shaken out on Monday, the final trading day of August.
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FinViz
Monday's move in crude also follows a report from Reuters that said OPEC, the 12-member oil cartel led by Saudi Arabia, "stands ready to talk to all other producers," according to a bulletin from OPEC.
The bulletin added that these talks would have to be on a "level playing field" and that OPEC will protect its own interest.
This news follows a report last week that indicated OPEC-member Venezuela had been urging other members to convene an emergency OPEC meeting to address the cartel's production targets, which have been overshot all year in the face of a collapse in oil prices.
Venezuela had been seeking to have these talks coordinated with Russia, a non-OPEC member but a state that derives much of its governmental revenues from the sale of oil.
Of course, Saudi Arabia is seen as the leader of OPEC, and any concessions or even discussions regarding production targets still run through the Saudis.
But with oil prices taking a new leg lower earlier this month, there is a growing sense that OPEC will blink; or perhaps it already has.
Read more: http://www.businessinsider.com/crude-oil-price-august-31-2015-8#ixzz3kPc2szv3
from business insider.....
Crude oil is going parabolic
Read more: http://www.businessinsider.com/crude-oil-price-august-31-2015-8#ixzz3kPcW0jES
Crude oil is going parabolic.
In just a few minutes on Monday morning, the price of oil went from down 3% on the day to up more than 5%, with West Texas Intermediate crude rising above $47.50 a barrel for the first time in a month.
This rally follows a 2-day surge to end last week that saw WTI prices rise nearly 20%. According to the folks at Bespoke Investment Group, this is the biggest 3-day rally for crude since January 2009.
Last Friday, Dave Lutz at JonesTrading noted that quite simply, people were betting heavily against oil and those shorts were getting squeezed out at the end of last week. And so some of this may still be getting shaken out on Monday, the final trading day of August.
Monday's move in crude also follows a report from Reuters that said OPEC, the 12-member oil cartel led by Saudi Arabia, "stands ready to talk to all other producers," according to a bulletin from OPEC.
The bulletin added that these talks would have to be on a "level playing field" and that OPEC will protect its own interest.
This news follows a report last week that indicated OPEC-member Venezuela had been urging other members to convene an emergency OPEC meeting to address the cartel's production targets, which have been overshot all year in the face of a collapse in oil prices.
Venezuela had been seeking to have these talks coordinated with Russia, a non-OPEC member but a state that derives much of its governmental revenues from the sale of oil.
Of course, Saudi Arabia is seen as the leader of OPEC, and any concessions or even discussions regarding production targets still run through the Saudis.
But with oil prices taking a new leg lower earlier this month, there is a growing sense that OPEC will blink; or perhaps it already has.
Read more: http://www.businessinsider.com/crude-oil-price-august-31-2015-8#ixzz3kPc2szv3
