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MotorbikeMike
LSU Fan
Chackbay
Member since Feb 2009
76 posts

OPEC Meeting
Oil up over 6% at this time based on outlook that a deal will be agreed on!!


bayoubengals88
Wisconsin Fan
LA
Member since Sep 2007
8323 posts

re: OPEC Meeting
Same thing happens every few months.


TigerDeBaiter
LSU Fan
Member since Dec 2010
6909 posts

re: OPEC Meeting
Yep. Oil speculation is absolutely just that. Filled with massive collusion too. Demand has to drive the market. This fake little rallies will just be sold until demand increases.


Paul Allen
Notre Dame Fan
Boca Raton, FL
Member since Nov 2007
48784 posts

re: OPEC Meeting
But, will demand increase?



LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
9567 posts

re: OPEC Meeting
Agreeing to deals is never the issue.

1) Will demand be where it needs to be?

2) Will the countries actually follow the rules?

OPEC is a den of thieves. They can't and should not trust each other. It was much easier for them when they were the only game in town.


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steamengineRR
LSU Fan
Member since Nov 2016
58 posts

re: OPEC Meeting
MRO up around $18. bought in right under $7.


cwill
New Orleans Saints Fan
Member since Jan 2005
36428 posts

re: OPEC Meeting
Another run up on OPEC deal speculation. I'm hopeful, but, even if a deal is struck I'm skeptical regarding the member countries sticking to the deal for more than a single week.


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LSUEEAlum
LSU Fan
Member since Oct 2013
542 posts

re: OPEC Meeting
Me too

Also bought cop at $35 and WLL at $6. Making bank this morning.


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McLemore
Member since Dec 2003
18414 posts
 Online 

re: OPEC Meeting
COP up 10.3% right now.

HAL up almost 13%.

This post was edited on 11/30 at 11:46 am


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tigersnipen
LSU Fan
Member since Dec 2006
1808 posts

re: OPEC Meeting
quote:

MRO up around $18. bought in right under $7.


You putting any stop losses in place if so what is your target for these?


BOBERT
LSU Fan
Houston, TX
Member since Mar 2015
17 posts

re: OPEC Meeting
The stop loss for any of those oil companies listed above should be based on oil price. These companies move hand-in-hand with the price of oil so the time to move out would be around the $(75-80)/bbl on the WTI. For the time being, just let it ride. Don't even look at it on a week-to-week basis.


LSUEEAlum
LSU Fan
Member since Oct 2013
542 posts

re: OPEC Meeting
Exactly. I'm in it for the long haul or until oil goes back up to the prices you indicated. I've already doubled my initial investment that I put in in January.


BOBERT
LSU Fan
Houston, TX
Member since Mar 2015
17 posts

re: OPEC Meeting
Same here. I've been all in since 1 1/2 yrs ago. Just now starting to reap the benefits but what a lot of people don't understand that aren't in the industry is that this is just the tip of the iceberg for rebounds. Don't read the articles that come out on a day to day basis. It's simple business logic. All budgets are agreed upon at the end of the calendar year. If oil prices are down, CAPEX will be limited which means less supply for the next 2-5 years. Remember, this all SHOULD be supply and demand driven but it seems like this market is moving on headlines as of recently.


thatguy777
LSU Fan
br
Member since Feb 2007
1666 posts

re: OPEC Meeting
except that a lot of the wells that are offline come back on when prices get to a certain point.


BOBERT
LSU Fan
Houston, TX
Member since Mar 2015
17 posts

re: OPEC Meeting
If you're talking from an OPEC side, yes. All other oil companies (non-OPEC affiliated) produce the maximum amount of oil possible. To SI a capable producing well due to oil prices is a business model I've never heard of... That's like saying you stop flying airplanes until people decide to pay more to fly. Market share is only a major deciding point for the OPEC guys. The only way a company would do that is if they are unwilling to allocate the funds for a workover, then bring the well back online.


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Elusiveporpi
LSU Fan
Below I-10
Member since Feb 2011
1609 posts

re: OPEC Meeting
quote:

MRO up around $18. bought in right under $7


Im in at $9. really thinking about selling and buying back in when it drops again, as predict it will drop then rise again, as it has been for the last few months.

I dont know anything about stocks, so is this a good idea ???


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TheIndulger
LSU Fan
Member since Sep 2011
17050 posts

re: OPEC Meeting
My company's stock went up 44% today. Seems logical
This post was edited on 11/30 at 3:53 pm


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TigerDeBaiter
LSU Fan
Member since Dec 2010
6909 posts

re: OPEC Meeting
quote:

But, will demand increase?



No Clue Paul. I think it will, but wth do I really know.

The drawback is there's a lot of production on hold that has the potential to re-enter the market and pick up this mythical slack OPEC is promising.

We also seem to be finding massive oil deposits more frequently, so who knows if we'll ever see $100+ per barrel.


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MadtownTiger
LSU Fan
Baton Rouge
Member since Sep 2010
3148 posts

re: OPEC Meeting
Market is lil' jumpy as usual, it's like they don't read any details.

The deal will go through if non-OPEC (Russia) agree on a cut next week at their meeting.

But OPEC is making a cut on an all-time high rate of production. So in reality they are just pretty much cutting back to what they were producing earlier this year, and that was a lot.

Overall the price will go back up when stockpiles still don't decline in large amounts. They are declining but slowly. Only lost ~900,000 bbls of stored oil last week. This deal is just to save face, but may have a slight affect on the market next year as demand rises.
This post was edited on 12/1 at 2:47 pm


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Spirit of Dunson
Columbia Fan
Member since Mar 2007
22682 posts

re: OPEC Meeting
I expect a short term bump in oil price, but that is all. Demand is relatively constant and supply still has capacity (kashagan, Libya, Iran, DUCs in North America...). That all even assumes that OPEC countries stick to the agreement.


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