When OPEC Eyes Are Smiling?!
Posted by Phil Flynn I PFG Best Research • Wednesday, March 17. 2010 • Category: Rohstoffe
When OPEC Eyes Are smiling, sure 'tis like a morn in spring. In the lilt of OPEC cheating, you can hear cash register ring. When OPEC hearts are happy, all the sheiks are bright and gay, and when OPEC eyes are smiling, sure, they steal your cash away.
Sure and begorrah how about that smiling OPEC cartel? As OPEC meets on the Feast of St. Patrick it seems like the luck of the Irish is shinning down upon them. The $80 plus barrel oil is the equivalent of them finding a pot o' gold at the end of the rainbow and you will be happy to know that OPEC is in a happy place and their blessing seem to out number the shamrocks that grow. In fact as Bloomberg News reports, Saudi Oil Minister Ali Al-Naomi says that the range of $70 to $80 is a very happy situation. Too bad we can’t send St Patrick to Vienna. I think there are still some snakes out there to be dealt with. The Saudi oil minister gushed that he and his cartel are extremely happy with the market, the economy is doing well, it will do better down the road, so I don’t see any reason to disturb this happy situation. Yes, why disturb things while OPEC is going so well.
No changes for OPEC and expect this wee bit of cheating on production quotas to turn into a gusher down the road.
Our green president O’Bama has been green with anger over the Chinese’s currency peg to the dollar yet even Tim O'Geithner thinks that perhaps tough talk on China may backfire. Could Obama’s tough talk on China be adding to the cost of oil? Secretary Tim Geithner says that China should allow the market to decide the fate of their currency but is it possible that by politicizing the issue now may actually delay and impede the Chinese to change their policy? Tim Geithner told the Fox Business Network (the only business news station that matters) that he thinks that China will decide ultimately it is in their interest to move to a more flexible exchange rate. He also he believes that pressure on China from Congress is unnecessary and perhaps counterproductive. Still Geithner told Fox Business that he was not concerned about trade war with the Chinese.
The API showed big weather related drops in imports. They reported crude supply increased by 403,000 barrels. Gas down by 3.65 million barrels and distillates down by 756,000 barrels. The East Coast and Gulf Coasts saw big drops and Cushing Oklahoma fell as well.
Oil is still in a trading range and the bulls need to break out of it to declare victory. Playing the ranges is still the way to go! Call for the latest! Happy Saint Patrick’s Day! Call me at 800-935-6487 to open your account and watch me every day on the Fox Business Network!
Phil Flynn
Senior Market Analyst
800-935-6487
312-563-8344
pflynn@pfgbest.com
Phil Flynn is Energy Analyst and General Market Analyst with PFGBEST (www.pfgbest.com). Phil is one of the world’s leading energy market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline and energy markets. Phil’s market commentary, fundamental and technical analysis, and long-term forecasts are sought by industry executives, traders and global media.
Because he has been available to media around the clock, even during some of the most turbulent market periods in history, and because he has built a solid reputation for accuracy in his market analysis and forecasts, through thousands of interviews and broadcast appearances for more than a decade, Phil Flynn has become a headline-making name even as he continues to provide expert advice and customer care to his proprietary trading account clients.
Media highlights include: CNN, CNBC, Bloomberg, ABC, CBS with Katie Couric, NBC’s “Today Show” and “Nightly News with Tom Brokaw”, FOX’s “O’Reilly Factor”, PBS’s “The Newshour with Jim Lehrer” and “Nightly Business Report”, MSNBC’s “The News with Brian Williams”, Wall Street Journal Report, The Wall Street Journal, Business Week, Investor’s Business Daily, The New York Times, The Los Angeles Times, Chicago Tribune, Associated Press, The Toronto Globe & Mail, Houston Chronicle, Futures Magazine, National Public Radio’s Marketplace, a chat with the President of the United States, and many more venues.
You can read Phil’s daily market analysis and blogs at www.pfgbest.com.
PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect™ platform, and numerous other platforms and applications.
Phil’s commitment to and experience in futures trading is documented in two books, The Mind of a Trader (Financial Times/Pitman,1997), and Trading Online (publisher, date), both by Alpesh B. Patel. Phil is a lifelong resident of Illinois. He attended DaleyCollege in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange.
Disclaimer
There is a substantial risk of loss in trading futures and options.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Alaron Trading Corp. its officers, directors, employees and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Sure and begorrah how about that smiling OPEC cartel? As OPEC meets on the Feast of St. Patrick it seems like the luck of the Irish is shinning down upon them. The $80 plus barrel oil is the equivalent of them finding a pot o' gold at the end of the rainbow and you will be happy to know that OPEC is in a happy place and their blessing seem to out number the shamrocks that grow. In fact as Bloomberg News reports, Saudi Oil Minister Ali Al-Naomi says that the range of $70 to $80 is a very happy situation. Too bad we can’t send St Patrick to Vienna. I think there are still some snakes out there to be dealt with. The Saudi oil minister gushed that he and his cartel are extremely happy with the market, the economy is doing well, it will do better down the road, so I don’t see any reason to disturb this happy situation. Yes, why disturb things while OPEC is going so well.
No changes for OPEC and expect this wee bit of cheating on production quotas to turn into a gusher down the road.
Our green president O’Bama has been green with anger over the Chinese’s currency peg to the dollar yet even Tim O'Geithner thinks that perhaps tough talk on China may backfire. Could Obama’s tough talk on China be adding to the cost of oil? Secretary Tim Geithner says that China should allow the market to decide the fate of their currency but is it possible that by politicizing the issue now may actually delay and impede the Chinese to change their policy? Tim Geithner told the Fox Business Network (the only business news station that matters) that he thinks that China will decide ultimately it is in their interest to move to a more flexible exchange rate. He also he believes that pressure on China from Congress is unnecessary and perhaps counterproductive. Still Geithner told Fox Business that he was not concerned about trade war with the Chinese.
The API showed big weather related drops in imports. They reported crude supply increased by 403,000 barrels. Gas down by 3.65 million barrels and distillates down by 756,000 barrels. The East Coast and Gulf Coasts saw big drops and Cushing Oklahoma fell as well.
Oil is still in a trading range and the bulls need to break out of it to declare victory. Playing the ranges is still the way to go! Call for the latest! Happy Saint Patrick’s Day! Call me at 800-935-6487 to open your account and watch me every day on the Fox Business Network!
Phil Flynn
Senior Market Analyst
800-935-6487
312-563-8344
pflynn@pfgbest.com
Phil Flynn is Energy Analyst and General Market Analyst with PFGBEST (www.pfgbest.com). Phil is one of the world’s leading energy market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline and energy markets. Phil’s market commentary, fundamental and technical analysis, and long-term forecasts are sought by industry executives, traders and global media.
Because he has been available to media around the clock, even during some of the most turbulent market periods in history, and because he has built a solid reputation for accuracy in his market analysis and forecasts, through thousands of interviews and broadcast appearances for more than a decade, Phil Flynn has become a headline-making name even as he continues to provide expert advice and customer care to his proprietary trading account clients.
Media highlights include: CNN, CNBC, Bloomberg, ABC, CBS with Katie Couric, NBC’s “Today Show” and “Nightly News with Tom Brokaw”, FOX’s “O’Reilly Factor”, PBS’s “The Newshour with Jim Lehrer” and “Nightly Business Report”, MSNBC’s “The News with Brian Williams”, Wall Street Journal Report, The Wall Street Journal, Business Week, Investor’s Business Daily, The New York Times, The Los Angeles Times, Chicago Tribune, Associated Press, The Toronto Globe & Mail, Houston Chronicle, Futures Magazine, National Public Radio’s Marketplace, a chat with the President of the United States, and many more venues.
You can read Phil’s daily market analysis and blogs at www.pfgbest.com.
PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect™ platform, and numerous other platforms and applications.
Phil’s commitment to and experience in futures trading is documented in two books, The Mind of a Trader (Financial Times/Pitman,1997), and Trading Online (publisher, date), both by Alpesh B. Patel. Phil is a lifelong resident of Illinois. He attended DaleyCollege in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange.
Disclaimer
There is a substantial risk of loss in trading futures and options.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Alaron Trading Corp. its officers, directors, employees and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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