Either the algos aren’t paying attention or the market’s just too focused on the roll to care about another round of headline hockey from OPEC, but crude hasn’t budged in the face of a barrage of one-liners from OPEC’s secretary general Abdalla Salem El-Badri who spoke from the annual IHS CERAWeek conference in Houston.
Here’s the headline dump:
- EL-BADRI SAYS OPEC DOESN’T KNOW HOW TO TACKLE OIL OVERHANG
- OPEC’S EL-BADRI SAYS 70% OIL SUPPLY OVERHANG IN U.S.
- EL-BADRI SAYS OIL SPENDING CUTS SEED FOR ‘VERY HIGH PRICE
- OIL OUTPUT FREEZE IS FIRST STEP, EL-BADRI SAYS
- IF SUCCESSFUL, ‘MAYBE WE CAN TAKE OTHER STEPS’:EL-BADRI
- OPEC’S EL-BADRI SAYS SHALE OIL WILL COME BACK WITH PRICE HIKE
It’s all shale’s fault then, and the Saudis are powerless to support prices. Got it.
One suggestion for OPEC members who just can’t seem to figure out how to “tackle the overhang,” would be to cut production. Or you could just freeze it – at record levels. That should work.
Crude is, for whatever reason, not interested.
via Zero Hedge http://ift.tt/1TB0EkP Tyler Durden