Did OPEC Just Spoof The Shorts?

Posted by Andrew Hecht - Technomentals

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A shocker out of Algeria.

The initial deal.

No one expected it and shorts got caught.

A date in Vienna at the end of November.

At $50 North American output will flow — The Fed Of Oil?

The Algerian adventure turned into the North African Shocker for the oil market. Almost no one, myself included, thought that the meeting between OPEC members and the Russians would be able to come up with anything other than pleasantries and another disappointment when it comes to supporting the price of petroleum. However, the jury is still out, and there is plenty of time for a letdown until the official biannual meeting of the cartel at the end of November.

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