Around 915ET we tweeted the need for an OPEC meeting headline as oil prices started to accelerate losses. 70 minutes later, the market’s “wish” was granted when Algeria (yes, seriously) announced they will attend, Nigeria is hopeful, and Libya said it would not attend… of course any headline is a buying opportunity and the algos went wild…
We tweeted…
WTI CRUDE DROPS 1.6% TO SESSION LOW; S&P FUTURES DOWN 11PTS. quick, need some OPEC meeting headlines
— zerohedge (@zerohedge) March 22, 2016
And then, headlines hit…
- *LIBYA SAID TO SKIP DOHA OIL-OUTPUT FREEZE MEETING ON APRIL 17
- *ALGERIA’S SONATRACH SAYS OIL FOUND AT HASSI BIR REKAIZ WELL
- Algeria Said to Attend Doha Meeting on Oil-Output Freeze Talks
- Nigerian oil minister welcomes Doha meeting of oil producers and wants OPEC to take binding action to stabilize oil prices
And the machines went wild…
One wonders how many more times oil can rally on the same (or even less newsworthy) headlines.
via Zero Hedge http://ift.tt/1RdGMCz Tyler Durden