What is OPEC going to do next week ???

[dan_s]

Bloomberg:
-- Traders in the oil options market are
positioning in a way that shows there is more than a 53% chance
that OPEC and its allies will decide to deepen output cuts
during their upcoming meeting, CME Group data showed.
There is also a roughly 40% chance that the group will hold
its existing output cuts in place, the data showed as of 2:17
p.m. ET on Monday. Expectations that group leader Saudi Arabia
will extend an extra 1 million barrel-a-day cutback into early
next year has helped support crude prices after a slump earlier
this month. Speculation about whether the kingdom and its allies
will choose to make deeper cuts has been rife ahead of the
group’s meeting on Nov. 26.
CME’s OPEC Watch Tool uses Nymex WTI crude oil option
prices to calculate the probabilities of certain outcomes from
the nearest weekly and monthly options that expire around the
OPEC meeting.

MY TAKE: OPEC Cartel members are active in the futures market before each meeting. It is likely that they are the ones adding more long NYMEX contracts. Just like our senators and congressmen, "insider trading" is not illegal.