CNBC: April 16th, 2016
What's at Stake
"When this started, the oil price had dipped below $30. They had to do something and creating optimism has worked very well, and it has had traders building long positions."
"Bin Salman was also quoted by Bloomberg as saying if there is no freeze, Saudi Arabia would "
Oil Speculative Longs:
Throughout this two year clusterfuck in oil, speculators have hung their hats on one specious argument after another for why oil should be bought. And in doing so, they never capitulated.
My guess is that this long-awaited fake "event" will change all that...
Observed the trend line, bottoming one month ago, which portends badly for oil...
Failure to Launch:
Speculators want to get buried. And they will...