Yesterday, Russia said there was a virtual deal assured with Saudi Arabia to “freeze” production (at record levels) that did not require Iran’s participation. And now, it appears the Russians are walking that confident “hope” back. Russia’s energy minster just told a briefing that the Doha “freeze” deal would be “loosely-framed with fed detailed commitments.”
Not exactly what the market was hoping for…
And finally, the incessant bullshit on mainstream media that “everyone” is short oil into the Doha weekend is utter tripe – in fact Oil ETF shorts are at the lowest level in 4 months.
This weekend is setting for some chaos indeed as Oil ETF holders are now at their most bullishly net-positioned since early December.
via http://ift.tt/1qRw5vV Tyler Durden