In today’s briefing:
- Unpacking Implications of OPEC Meeting Postponement
Unpacking Implications of OPEC Meeting Postponement
- OPEC meeting rescheduled by five days. What’s the big deal? Turns out that is. Brent crude prices tanked nearly 5% on the announcement.
- Oil options turned sharply bearish too with the Brent crude put option volumes surging to 211,000 on Wednesday, the biggest volume on record.
- OPEC majors are determined to keep oil prices trading in the range of $80-$100 a barrel. Given the infighting, don’t discount the possibility of this deal imploding.
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