Is the 2014 debut single of rapper Fetty Wap.
TRAP QUEEN indeed for OPEC, which had agreed to some output cut. And the American response has been "CONTANGO". Bingo, this output cut can"t drive oil prices upwards.
Read Below :
(Reuters) - The oil price rally sparked by an OPEC-Russia deal to cut output is likely to be short-lived, say traders in Asia, because the agreement may only draw more supplies from storage tanks and more crude shipments from the United States.
And even without increased supplies from elsewhere, if the Organization of the Petroleum Exporting Countries (OPEC) and Russia do reduce production by 1.5 million barrels per day (bpd) as pledged, the cuts would not be deep enough to shrink a glut that began to build in mid-2014, traders said.
"The cut by OPEC will be largely offset by increases in U.S. production where the rig count has already increased," said India Oil Corp's Director of Finance A K Sharma.
"So surplus (oil) will stay in the market. If there is any impact, it will be short term."
Traders said the extent of the impact of the output deal will also depend on how it affects exports from Saudi Arabia and other OPEC members.
Cuts in export supply from producers could come from changes in operational tolerance, a contractual clause that allows either the buyer or seller to increase or reduce volumes by up to 10 percent, trade sources said.
The OPEC deal "will provide some price momentum but it cannot be compared with the cut seen back in 2008," a Singapore-based trader said, referring to the last OPEC production cut at 4.2 million bpd.
Stronger prompt prices have also narrowed oil contango market structures, potentially prompting the release of oil from storage that could add to supplies, traders said
