WSJ: Saudi Arabia, Russia Bury Oil Differences, Agree on Big Output Cuts
>Saudi Arabia and Russia agreed in principle Thursday on a deal to carry out the biggest organized oil production cuts in decades, after a month-long feud that devastated oil prices.
Oil prices shot higher ahead of the announcement before abruptly losing momentum and shedding most of their gains on a day of volatile trading. U.S. crude was up 3.4% at $25.95 a barrel and Brent crude oil was last up 3.2% at $33.91 a barrel, having earlier been up 10%.
>The agreement comes as Saudi Arabia and other oil exporters look for ways to cut a total of 20 million barrels a day from global supply, OPEC-country officials told The Wall Street Journal.
>During the video call, Russian Energy Minister Alexander Novak said that only coordinated actions by OPEC, Russia and other countries would achieve results, as oil demand has fallen by 10-15 million barrels a day and storage is filling up around the world.
>The muted market reaction came in that context.
>“Maybe the market was betting on a bit more in the volume than was announced,” said Bjornar Tonhaugen, head of oil markets at consulting firm Rystad Energy. “It’s also lacking detail when it comes to the baseline level and whether the deal hinges on cooperation from other nations outside of OPEC+.”
>Saudi Arabia and Russia are also waiting for positive signals to come from a virtual conference of G-20 countries set for Friday. Key oil producers such as the U.S., Canada and Brazil are scheduled to attend. Regulators in Texas—the U.S.’s biggest oil-producing state—are also set to debate on April 14 whether they will force companies to curtail output.
Hunter Williams
Remember to take Yas Forums sentiment as an inverse indicator of market direction.
Jordan Bennett
HOLY SHIT BROS I BOUGHT 1000 SHARES OF ICD @ $3 THIS MORNING ITS UP TO $10.49
Jonathan Watson
>this is the top, said the increasingly nervous bear for the fourth time this month I'm holding 2x POSITIVE leveraged ETFs into the long weekend and nobody can stop me
YOOOOOOOOOOOOOOOOOOOOOOOOOOO WTF JUST HAPPENED TO THE EURO
Benjamin Evans
I just made 3K trading PRU stock, I have 10k to invest further, I was looking at Boeing is that retarded? Any recommendations?
Carter Evans
Didn't they just go into bankruptcy. Good luck man.
Isaiah Wilson
>OPEC SOURCE SAYS BOTH SAUDI AND RUSSIA WILL BOTH CUT 23% FROM THEIR 11 MLN BPD BASELINES - RTRS What does this even mean? Two times 23% of 11 Million barrels a day so around 4 Million barrels a day in combination?
Christopher Gonzalez
Hentai or blacked?
Joshua Morris
prove it
Aaron Fisher
>ICD What the absolute fuck is happening? Why would oil drillers be mooning right now?
Carson Wilson
>Bulls getting overconfident >Bears starting to give up
If there ever was an indicator for us being at the peak before the big boys give you all the big dick, this would be it
William Martin
Threadly reminder, fed fighting stack despiting loss exponentializing bears are FUCKING STUPID
true but this is a clown market so all indicators are upside down
cocky bulls = big bull cocks
Kevin Stewart
Now that's what I call bagholding
Hunter Young
I couldn't handle it, I sold I don't trust this long weekend one bit On the other hand Jerome brrr & litt jesus is coming back so yeah
Dylan Clark
Oh, they're being redeemed today. Guess I missed that.
Jaxon Jackson
So fucking based
Daniel Johnson
are you retarded?
Lincoln Nguyen
Forgot to post from the WSJ article, nothing is set in stone though. For Saudi Arabia, the output curbs will involve removing 4 million barrels a day from its April production levels, while Russia has agreed to cut 2 million barrels a day.
Carter Sanchez
Pussy
James Richardson
Nice dude. I'm proud of you for admitting that.
Gavin Parker
>retail investors actually are going to force the market back to a bull
called it 5 million is half of the trump tweet gonna take another from the US pledging the other 5 million to undo this i'm out of day trades so i'm completely fucked and i saw it coming
Jose Wilson
CASH GANG
Ryder Bailey
>trump gets re-elected
As fucking senile Biden is, he polls exceedingly well against Trump in ways Hillary never was doing. He actually does well in the swing states Hillary was fucking up on and never had a solid hold on
Luis Morris
Well lads looks like I'm bagholding on oil. Kill me.
What the fuck? Why is the Euro rising with SPY? Shouldn't it be otherwise?
My brokerage account is in EUR and the synchronized back an fourth is murdering my profits. I'm profiting more from Biotech because their stocks go opposite to the SPY. Even make money on stocks on the red.
Elijah Hill
not until they announce another one
Jaxson Bell
Polls weren't terribly inaccurate for the 2016 election. It had Hillary winning the popular vote, which she did. People are just retarded and didn't account for the fact that we determine winner by the electoral college, and she did significantly worse in the swing states which people decided to ignore
Joseph Bell
>trips holy fucking shit i'm liquidating as we speak
who cares who can predict the popular vote, it's not relevant to anything.Do you really think professional pollsters like nate silver don't know about the electoral college, or do you think that they were just wrong
Jaxon Morgan
based. i used to have an austin powers poster on my wall next to stacy kiebler.
Caleb Morris
Irrelevant. Corona is already a confirmed nothingburger. It's over.
Jaxon Hernandez
NOT SO FAST OILBEARS i think everyone's just watching this woman's twitter
Biden's thunder has been stolen away by coronavirus. He's also senile and probably a child molester or at least has a track record of sexually harassing women. Nobody on the left is that crazy for him, which means they won't get out of their houses in large numbers to vote for him. The states where people hate Trump so much they'll vote for anyone else are blue states, and so they don't matter for the electoral college.
Ryder Wood
>he bet against America Sorry fags, you’re losing money if you aren’t bullish
I use trade ideas, but things are too unpredictable right now & its pretty expensibo. I would bide your time. Take up a hobby.
Isaiah Martin
They want world crypto that they would control
William Smith
>OPEC cutting but US not Great time to buy some US oil companies
Carson Gray
OH NO NO NO NO BULLS WE GOT TOO COCKY
Blake Cook
Canada just had a Supreme Court Justice rip his pepperonis, is this bullish?
Parker Gutierrez
my dick's signaling a large upswing
Gabriel Thomas
kek someone post the stocktwtits screenshots
Kayden Jackson
see you at the bottom friendo
Brayden Bell
I've got about 2k in cash right now and havent the foggiest idea what to put it in so was thinking these platforms might work for me. How have you been liking it?
Evan Perry
Unironically, yes. America is one of the greatest countries on Earth for the amount of opportunity you can find here, but if there's one thing we've got a problem with, it's responsibility. It's easier to blame other [things] for your own shortcomings than it is to change yourself, and we've got the market cornered on that.
Mason Bennett
cashing out stocks to hop into crude
William Walker
Thank you reddit for making this not funny anymore
oh man, I wanna understand stocks and futures and shit. But when I see everybody getting liquidated, stuck on positions and burning their money, I think its good like that.
Jonathan Rodriguez
>goes up $17 in 2 days >loses $4 in mid-day trading >WTF BROS SELL SELL SELL no