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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?


To: richardred who wrote (5698)12/5/2019 10:08:11 AM
From: E_K_S  Read Replies (1) | Respond to of 6087
 
For the Oil/NG swing plays . .Will look at swing trade position on 60 min chart up to close today and/or 1st hour tomorrow.

OPEC+ weighs deeper oil output cuts
Dec. 5, 2019 6:36 AM ET|About: The United States Oil ETF, LP (USO)|By: Yoel Minkoff, SA News Editor

Reports out of Vienna suggest OPEC and its allies led by Russia are discussing increasing current cuts of 1.2M barrels per day by more than 400K bpd, as well as extending their agreement from March, to June or later.

Crude futures already soared 4.2% on Wednesday - the largest gain since the attacks on Saudi Aramco's facilities - on output cut rumors and tightening American stockpiles.

A final decision by OPEC+ is likely to come tomorrow afternoon. The group has curbed supply since 2017 to counter booming output from the U.S., which has become the world's biggest producer.

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FWIW, hit the 30min SMA(200) for ECA at $4.11 after 1st 30mi. Looking for $4.21 before Opec announcement.