Doha

Nations representing almost 60%of the world’s oil production will gather in Doha on April 17 to discuss "freezing their output at January levels" in an effort to stabilize prices. According to Bloomberg, Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more producers and extend the recent price recovery, but, despite the exuberant squeeze early this week, oil prices are fading modestly as D(oha)-Day looms.

Good news is still bad news after all.

After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)...

In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt.

Tuesday oil humor extends to Wednesday as WTI Crude algos key off yet another Doha headline and spike stops above yesterday's highs.

Recall what we, jokingly, said several days ago - all it takes to push oil higher is for the word "Doha" to appear in an OPEC related headline.

This is the headline that pushed oil higher: ECUADOR SAYS GLOBAL OIL PRODUCERS WON'T DISCUSS CUTS AT DOHAalgos just looking for "Doha" now

— zerohedge (@zerohedge) April 8, 2016

The ridiculous headline risk that is whipsawing oil showed up this morning once again. WTI slide as much as $41.26 earlier on news that Iran's Oil Minister Bijan Namdar Zanganeh wouldn't be attending the April 17 meetings in Doha, however just moments later it was reported that Iran's OPEC Governor Kaempour will be attending and losses were largely erased.