Oil Price - Sept 20
Posted: Thu Sep 20, 2018 4:01 pm
WTI was up early, but finished down a bit today probably due to afternoon profit taking by the speculators. Today's range: 70.03 - 71.34 Closed at 70.21
> Russia reported higher oil production (assuming you believe them)
> Trump Tweets reminded Saudi Arabia that without our military they would not last long. I fairly sure everyone in the Kingdom already knew that before Captain Obvious' tweet.
> Biggest impact is probably because OPEC+Russia have a meeting in Algeria on Sunday, so some traders may want to close out positions before the weekend.
Regardless of what comes out of the OPEC meeting, the global oil market is tight and getting tighter each day. There is really no significant excess production capacity that can be brought to the market before the "Trump Hammer" falls on Iran.
> Russia reported higher oil production (assuming you believe them)
> Trump Tweets reminded Saudi Arabia that without our military they would not last long. I fairly sure everyone in the Kingdom already knew that before Captain Obvious' tweet.
> Biggest impact is probably because OPEC+Russia have a meeting in Algeria on Sunday, so some traders may want to close out positions before the weekend.
Regardless of what comes out of the OPEC meeting, the global oil market is tight and getting tighter each day. There is really no significant excess production capacity that can be brought to the market before the "Trump Hammer" falls on Iran.