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Bloomberg has the story on OPEC's Nov 30 meeting, smoke and fire. Read Below :
Wagers on higher and lower prices held by speculators and hedgers reached 1.47 million contracts in the week ended Nov. 15, the most since 2007, U.S. Commodity Futures Trading Commission data show.
Trading volume of calls giving investors the right to purchase WTI futures surged to a record that day. The CBOE Crude Oil Volatility Index reached the highest since April.
"The Saudis want higher prices but won’t sacrifice just to see a major competitor, U.S. shale, benefit," said Sarah Emerson, managing director of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts.
"The Trump election changes things. In one day the U.S. shale business got better. The government will be more responsive to the industry."
Money managers’ net-long position in WTI advanced for the first time since mid-October, climbing by 3,906 futures and options to 163,321. Shorts climbed 14 percent while longs rose 8.1 percent. WTI gained 1.8 percent to $45.81 a barrel in the report week, before settling at $45.69 on Nov. 18.
In fuel markets, net-bullish bets on gasoline decreased 35 percent to 25,796 contracts, as futures slipped 2.5 percent in the report week. Money managers were net-short 393 contracts of ultra low sulfur diesel, from net-long 7,791 the previous week. Futures advanced 0.2 percent.
"I suspect that when the OPEC meeting is over there will have been a lot more smoke than fire," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts
