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An influential alliance of some of the world's most powerful oil producers is reportedly considering their largest output cut since the start of the coronavirus pandemic this week, a historic move that energy analysts say could push oil prices back toward triple digits.
OPEC and non-OPEC producers, a group often referred to as OPEC+, will meet in Vienna, Austria, on Wednesday to decide on the next phase of production policy.

The oil cartel and its allies are considering an output cut of more than a million barrels per day, according to OPEC+ sources who spoke to Reuters.
"The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there's going to be a cut of some historic kind," Dan Pickering, CIO of Pickering Energy Partners, said, referring to the group's first in-person meeting since 2020.

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In addition to a production cut by OPEC+, Pickering cited other supply-side factors that will also prop up oil prices for the next four to eight weeks.
"We're going to see more support from the supply side if sanctions kick in from Europe towards the end of the year [and] as the U.S. [Strategic Petroleum Reserve] begins to shut down its deliveries in November," he said, referring to the U.S. government's emergency stockpile that's tapped when energy markets are in turmoil.
A few weeks ago, the U.S. Energy Department announced it would sell up to 10 million barrels of oil from the SPR for delivery in November.

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$30,000 Millionaire said:

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Remember we are still in Fridays range around noon. Could squeeze. Could dump. Action looks algo driven.

TSLA will print a 1XX handle soon.

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Ragoo said:

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$30,000 Millionaire said:

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Remember we are still in Fridays range around noon. Could squeeze. Could dump. Action looks algo driven.

TSLA will print a 1XX handle soon.

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you think it goes that low? Wow. That seems like a great opportunity.

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Charismatic Megafauna said:

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Dammit...td seems to pick and choose how they apply pdt restrictions. I added quarters yesterday afternoon to bring my balance over 25k, it's still over 25k, it's gonna open a lot higher thanks to cpe, but it's still pdt restricted. But i have had it throw the pdt restriction when it closed above 25k but dipped below in after hours too... the rep told me it's "at some point during the night" that they check for the 25k balance

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Charismatic Megafauna said:

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Correct, my account is now forever flagged as a pdt, but i am only restricted from making day trades when the balance is under 25k. But the restriction isn't instantly lifted when it goes over, they evaluate at some mystery time during the night and decide whether or not to give me another day trade margin call at that time. Also when I'm pdt restricted i do get one day trade that day then my account gets restricted to closing transactions until i get above 25k again. I should just toss a couple more grand in there and stop messing around but it pisses me off.

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