Speculation is getting a bit crazy on oil price.
https://twitter.com/RaoulGMI
The US has upped production, adding 29 rigs last week, the highest increase since 2013:
https://twitter.com/ManuOrtizOlave/status/823555996345843712
And Business Times reports that US production reports:
http://www.businesstimes.com.sg/ene...ns-of-us-output-rise-overshadow-opec-led-cuts
Reuters article regarding the long:
http://www.reuters.com/article/us-oil-hedgefunds-kemp-idUSKBN1571ZZ
And in other news, Russia now supplies China with more oil than Saudi Arabia:
https://www.bloomberg.com/news/arti...n-of-top-china-oil-supplier-from-saudi-arabia
US has increased production hoping that market comes with. Speculation is so high right now that the short is now looking attractive for investors.
On the good side, Equatorial Guinea announced that it will be joining OPEC and vowing production cuts. OPEC has met it's target on production cuts, but it is overshadowed by the US increase.
https://twitter.com/RaoulGMI
The US has upped production, adding 29 rigs last week, the highest increase since 2013:
https://twitter.com/ManuOrtizOlave/status/823555996345843712
And Business Times reports that US production reports:
US oil production has risen more than six per cent since mid-2016, although it remains seven per cent below a historic high in 2015. It is back to levels of late 2014, when strong US crude output contributed to a crash in oil prices.
http://www.businesstimes.com.sg/ene...ns-of-us-output-rise-overshadow-opec-led-cuts
Reuters article regarding the long:
http://www.reuters.com/article/us-oil-hedgefunds-kemp-idUSKBN1571ZZ
And in other news, Russia now supplies China with more oil than Saudi Arabia:
https://www.bloomberg.com/news/arti...n-of-top-china-oil-supplier-from-saudi-arabia
US has increased production hoping that market comes with. Speculation is so high right now that the short is now looking attractive for investors.
On the good side, Equatorial Guinea announced that it will be joining OPEC and vowing production cuts. OPEC has met it's target on production cuts, but it is overshadowed by the US increase.