Wednesday, June 01, 2016

Energy (XLE): So What Do You Think The Result Of The OPEC Meeting Will Be?

Well, an OPEC meeting that is supposed to conclude tomorrow will supposedly put in production curbs. I'm not sure how much of that I want to believe, but judging by the energy charts below, not much. RSI(5) sell signals have appeared on Crude Oil (USO) and Energy (XLE) is looking a little over-bought.
To put things in perspective, courtesy of ZeroHedge here are some satellite images of the recent glut of idle oil tankers globally.

Additionally, Zero Hedge is now reporting that the UAE Oil Minister is now ruling out any chance of a production freeze (article here).