Post charts and speculate

OPEC : Member Countries
www.opec.org/opec_web/en/about_us/25.htm
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

u really beleive this list of countries wants to cooperate and embiggen us oil business ????

Oil dips on Buzzard restart, Iraq; U.S. crude tests below $50
Reuters - 10 hours ago
... of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts.
Oil Prices Fall After Iraq Signals Doubts Over OPEC Cut
Wall Street Journal - 12 hours ago
US crude settles down 33 cents at $50.52 after Iraq resists joining output cut
CNBC - 14 hours ago
More news for iraq opec

meant iraq btw

not trying to be a dick.
i just think u should be careful .
or at least put ur money where ur mouth is, and show u us ur futures positions stead of just bloviating on shit u cant prove.

All u'r argument is valid is OPEC is one single country with the same goal.

Witch is not, OPEC is dead, with Iran coming back strong it can go somewhere but otherwise it's DEAD.

So, USA is the first producer of OIL and OPEC don't have the same goals (Like Iran or Saudis have something in commun lol)

Not trying to be a dick but you copy paste wikipedia and think you know shit? okey

>opec is dead

wow. thats a pretty ignorant thing to say.

i dont know what to tell u man.
all those middle eastern countries
share the same religion, values and region.
they might as well be the same country for sake of the pricing of their oil , since they work in tandem. usa pales in comparison 2 opecs output. they completely control the market.

if ur competitor has 3 times market share than u .
ur aren't a baller, ur just passive victim, hoping and coping.

i hope u wake up out of ur blind nationalism, and someday realize the truth about the world around you.

>all those middle eastern countries
share the same religion, values and region.

good on you for not knowing sunnit/chiite difference, i heard you can make US president without knowing that. unfortunately you can't trade oil.

opec is dead, 2 of the top3 producer of oil are not on it, what the fuck can it control? iran doesn't give a fuck about quotas, they just got out of US/EU sanctions and are at full capacity already, saudi won't cut shit because russia is just waiting to take their share in china...

>i hope u wake up out of ur blind nationalism, and someday realize the truth about the world around you.

huhuh, blind nationalism of the portuguese guy, huhu

go learn the hate between Iran and Saudi, that'll be a very good day for you

aight. post ur futures contract.
money talks, bs walks

I think it will be more like around 48.9 based on the chart. I don't know commodities but in stocks, whenever you get a decent spike, a lot of times tops out then pulls back to about half of that spike. Trust me, just take a look at some of the volatile stock's charts.
Technicals have a good probability of working if you understand them, believe it or not.

What time frame are you talking about?

i have no problem with macro TA.

the double top with lower highs after a spike is a strong indication of start of downtrend. There is a major support level at 45, with no other support level in sight. 45 is also a whole number which sort of acts like a psychological magnet to most traders. so I think OP might be right. around that 45 level

mfw oil shit the bed all day and i pulled out yesterday and am slowly buying in at the low price after realizing profits and dogding losses and have retained margin for if it continues downwards with a plan to place futures at 35

>mfw this clown said i dont know how to traid oil

>he thinks OPEC has a united agenda

You get that Saudi Arabia can't even get Iran to the fucking negotiating table because of the sectarian differences between the two of them, right? Venezuela and a shitload of other countries with massive deficits are really getting pissed at the Saudis for going on a drilling binge since not all of them have such high Forex reserves.

The only reason why Indonesia is in OPEC is to support the Saudi agenda. It's the only country in OPEC that consumes more than it produces and it was conveniently let in right around the time that oil prices started falling, A country that imports more oil than it exports? Maybe they'd have a vested interest in keeping Saudi oil pumping?

Jesus Christ, are you retarded?

well yea ive got downs and aspergers okay and my keyboard is missing shift and apostrophe keys so be nice okey lolololololol

my grandpa told me them sand niggers circle jerk to abba

Currently the pick is in the money. Crosshairs when I posted.

hard to argue with the facts

Brents bear continues.

it's going up mid term. commie oil producing nations have been defeated so its safe for the oligarchs to up the price now.

The price is already up, party ends at $60.

thats not how oil works , kid.

If trump wins, gold breaks out of the triangle to the upside. If the hilldog wins, gold is either flat or more likely down, with US dollar strengthening.

No, not brent, only uti

i agree

and dollar will go up correspondingly

posted this in its own thread, but maybe you know:

for some reason, the internet has made this information impossible to find. with the pits at the nymex closing, how are energy futures PHYSICALLY/TACTICALLY traded in the US? is it just people sitting at bloomberg terminals in the offices of an investment bank calling people with bid prices? who are they calling? how are more complicated contracts created, or are the ICE and NYMEX offering all you get?

if i was a an airplane company that wanted to hedge oil prices, what is the chain of people that would need to go through, and how would they be connected?