The most anticlimiatic culmination to the most farcical “agreement” of 2016, one which could have been seen a mile away by any carbon-based trader not housed in a collocated, supercooled facility in Secaucus, has taken place and here is the “shocking” result:
- OPEC, NON-OPEC MINISTERS FINISH OIL TALKS IN DOHA, NO AGREEMENT – RTRS
- OIL PRODUCERS END DOHA TALKS: OMAN MINISTER – BBG
- DOHA OIL TALKS FINISH WITHOUT FREEZE DEAL: NIGERIAN MINISTER – BBG
- OMAN MINISTER SAYS OIL PRODUCERS NEED MORE TIME TO REACH DEAL
The Saudis – which are about to drink everyone’s milkshake – win again, despite so much optimism for a deal ahead of the meeting…
Of course, one has to keep the dream alive, and sure enough the strawman for more headlines is set:
- OIL-PRODUCING NATIONS WILL MEET AGAIN, PROBABLY JUNE: NIGERIA – BBG
Will it once again work to fool the idiot algos? Probably. The only question is whether Venezuela will last that long.
What happens next? Again here is Citi’s Ed Morse with the obvious next steps:
If there is no agreement, then expect a sharp oil market sell-off on Monday.
And now we being counting down the hours until oil opens for trading, pardon, selling unless the BOJ decides it will soak up every last drop on offer.
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