Did OPEC just run out of short-squeeze ammo?
On any normal day the following two headlines from OPEC would have sent oil prices soaring....
But it appears the jawbone ammo has run dry...
While the latest dollar surge, which has pushed the DXY above 101 to the highest level in 13 years, will likely be a far greater factor for the price of oil than the now daily charade of optimistic statements by OPEC, it doesn't mean OPEC, and assorted oil-exporting hangers on like Russia, won't try.
After yesterday's two key events, the ECB and OPEC meetings, ended up being major duds, the market is looking at the week's final and perhaps most important event of the week: the May payrolls report to generate some upward volatility and help stocks finally break out of the range they have been caught in for over a year. However, even today's jobs number will likely be skewed as reported previously as a result of the Verizon strike which is said to trim some 35,000 jobs from the headline print, casting anything the BLS reports today in doubt.
Today was yet another one of those days where you just have to laugh... (warning NSFW)
As the Treasury yield curve collapses to its lowest since 2007 with the S&P within a couple of percent of record highs...
The anticlimatic conclusion to today's OPEC meeting came earlier courtesy of Bloomberg which moments ago reported that OPEC has failed to reach a new oil supply agreement, but that it has agreed to appoint a Nigerian candidate for new OPEC secretary general.