The oil market is a mess. OPEC headlines have jolted the algorithms trading predictive order flow away from fundamentals and into the Twittersphere but rest assured because WaPo hasn't labelled OPEC headlines "fake news" yet then what we've seen must be real news (except it is not, though at times it is....get it?)
Since February 2016 the oil market has been taken hostage by batshit insane easterners hell bent on maintaining the price of oil, well, way above the $25/barrel it was trading at the time. Luckily, that Zero Hedge post about the Dallas Fed meeting with Wells Fargo to ensure the bank wouldn't push its borrowers into bankruptcy but instead push asset sales, was enough of a spark to get OPEC off their gold plated asses.
Now we're beginning to further run the oil commentary into the realm of absurd as headlines pop up about who will be at meetings, who says what about production, and all kinds of shit meant to trick the algos into driving up price therefore driving those moron sell-side idiot analysts to re-rate their always untimely recommendations from, well Sell or Hold to Super-Duper Amazeballs Outperform which in turn drives more predictive order flow front running by whatever shop is in the market.
Here's 20 hand-picked charts as if they still matter in this market of insanity from Credit Suisse's 93 page note:
