The most anticlimiatic culmination to the most farcical “agreement” of 2016, one which could have been seen a mile away for any carbon-based trader not housed in a collocated facility in Secaucus, has taken place and here, according to Reuters, is the result:
- OPEC, NON-OPEC MINISTERS FINISH OIL TALKS IN DOHA, NO AGREEMENT – RTRS
- OIL PRODUCERS END DOHA TALKS: OMAN MINISTER -BBG
While there is still some chance that this is merely jawboning bluster to get some agreement, it doesn’t look likely.
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.
via http://ift.tt/20NSO89 Tyler Durden