Lawrence Eagles
Lawrence Eagles
agreeing cut discuss february january likely meeting paranoia time
OPEC has a paranoia with oversupply, ... This weekend's meeting is likely to see OPEC agreeing to meet some time in January or February to discuss a cut in supply.
circumstance consider far normal raising soon
Under normal circumstances, it would be far too soon for OPEC to consider raising production, but these are exceptional circumstances,
continue crude current feeling next physical prices surplus week
Our feeling is that with the current surplus of physical crude that prices will continue to erode from here for the next week or two.
agree feeling global impact net supplies
Our feeling is that OPEC will agree to the increase, but that the net impact on global supplies will be negligible.
against attacks evidence former giving likely recently running short sponsor
Recently a former aid, giving evidence against him, said he was running short of funds. Therefore, if he was the instigator of the attacks on the US, another sponsor was likely to be involved.
driven due overnight price protests recovery security
Part of the recovery overnight (in the price of oil) may have been due to anti-Israeli protests in Jordan, where 30,000 protestors had to be driven back from the boarder by security forces,
caution clearly collapse currently early given main next oil paranoia price pumping threatens
Given the paranoia of the cartel that it is currently pumping too much oil and that this threatens a price collapse early next year, caution will clearly be the main watchword.
indeed obviously perspective quickly stocks strategic
It has to be put into perspective. We have strategic stocks which can obviously be used very quickly indeed if necessary.
reaction short term
in the short term we could see a knee-jerk reaction higher.
breaks
If it breaks that we could see $370 an ounce,
however itself shown stability
However in doing so it has also shown itself not to be a bastion of stability it had claimed, but a hawkish price-rigging organization.
hurricane market situation
The market has coped very well with the hurricane situation on the surface, particularly on the refinery side,
america bothered economic helping lower per price sensible
Indeed, even if OPEC is not bothered about helping America per say, economic considerations make a lower price as sensible option.