Oil is on the move as OPEC chatter is making the rounds. According to the ubiquitous “people familiar with the matter,” the cartel is now debating whether to extend production cuts past the end-March expiration date. The move could “potentially bring the curbs well into the second half of 2018,” Bloomberg says, citing unnamed officials.…

Hooray!

“This brief survey of the most likely types of supply approaches available to OPEC speaks to a larger notion of game theory. Having experienced a gradual and persistent erosion in its dominance of the oil market, OPEC members are being pushed to play a larger cooperative game that involves ever broader coalitions to secure an orderly influence on oil prices.”

Well, crude has had an interesting 24 hours. You’ll recall that oil took a tumble on Tuesday after a Bloomberg survey showed production from OPEC members increased 210,000 barrels per day in July. “The $50-level for WTI is a psychological level. People are really beginning to realize that the market probably needs a steady beat of bullish…

I need to know (immediately, if possible), if you are excited about crude. Because some folks certainly are. Indeed, WTI and Brent are headed for their best weekly gains in 7 months on the back of bullish supply data, promises from the Saudis re: export caps, jitters about Venezuelan disruptions, and the first signs that the temerity of…

“Investors should not interpret this as a sign of quiet trading in the summer and muted price moves ahead. Instead, we view this as a good opportunity to add to their long exposure with cheap optionality, especially with global oil inventories continuing to tighten and geopolitics heating up again.”

“While OPEC’s production path remains uncertain, recent fundamental oil data have come in even better than we had expected.”

“Tuesday evening’s API data served to embolden bulls further and all that was missing was this morning’s EIA print to confirm things. Well, here it is.”

Listen, people are super excited about crude. On Tuesday afternoon, we got the latest API data and it showed an impressive draw, with U.S. inventories falling by 10.2m bbl last week. That would be the largest draw since September. Of course it still has to be “confirmed” by the EIA numbers, which we’ll get later this…

“History has shown that attempting this type of timing has rarely succeeded.”

“If Wall Street rewards them for being more reserved with their activity levels and capital expenditures, then maybe it catches on.”

AL-FALIH: SEES SAUDI DEEP CUT IN AUGUST

“I’m surprised that people didn’t already expect higher OPEC output.”