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27 Nov 2014
Oil price is in the wrong place – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood, notes that the Oil prices are hanging in the wrong place ahead of the OPEC meeting.
Key Quotes
“The oil price is in the wrong place that’s for sure as if the rumours from pre-Opec yesterday are to be believed then there will be no agreement and the Saudis will defend market share.”
“Stories that the Gulf states of Saudi, Kuwait, Qatar and the UAE proposing no cut in output whistled around the market but not enough people believed them to really sell the commodity.”
“If that proposal really happens then there is considerable downside from here not just in the oil price but for Opec itself, maybe this is the rebirth of the GCC?”
“The EIA stats showed that there was a stock build of 1.9m barrels of crude oil against consensus of a rise of 220/- from the analysts”
Key Quotes
“The oil price is in the wrong place that’s for sure as if the rumours from pre-Opec yesterday are to be believed then there will be no agreement and the Saudis will defend market share.”
“Stories that the Gulf states of Saudi, Kuwait, Qatar and the UAE proposing no cut in output whistled around the market but not enough people believed them to really sell the commodity.”
“If that proposal really happens then there is considerable downside from here not just in the oil price but for Opec itself, maybe this is the rebirth of the GCC?”
“The EIA stats showed that there was a stock build of 1.9m barrels of crude oil against consensus of a rise of 220/- from the analysts”