I haven't seen much on the Saudi Shakeup this lenghty piece essentially says no change they still want to drive Venezuela and US Shale out of business while protecting their markets from their arch rivals the Iranians.http://www.zerohedge.com/news/2016-05-0 ... additional
I think these high prices are getting a boost from the absolute destruction of Canadian capacity. The tankers from the middle east (Saudi and Iraq) will be filling the gulf to make up for the Canadian issue, but it will be a while and the Gulf is already choked with ships that can't unload, just like the rest of the world.
Don't know how well this 3rd hand chart shows up but the message is clear, we aren't running out of oil for a while.
For all the long term moving average fans as well as those watching opex antics another well reasoned piece from Northman trading confirming yet another technical signal that we are ready for a 2008 style ride. https://northmantrader.com/2016/05/07/the-golden-key/
I always think of Art Cashin when I see something particularly gloomy, setting aside the validity of the call. Art said the problem with betting on the end of the world is that you are only right once and it could be hard to collect. The relevance to today is that if we do get a real sevier crash the Feds could close the markets and reverse the trades to save the owners of the Federal Reserve. we have certainly seen plenty of that on a smaller scale already.
Here is Northmans famous opex front running chart that others have posted on this forum in prior months from his article. If it isn't displaying correctly go to his site for the charthttps://northmantrader.files.wordpress. ... /opex1.png