Sounds like the taps will be turned, but is the well dry?

  • Any decision we make will be based on fundamentals
  • We will try to maintain the consensus that has characterized the past two years
  • Confident that reason will prevail

I don't think OPEC has many cards to play, but I think the market believes OPEC has more cards to play and that's what will matter this week.

WTI is up $1.36 to $66.43 today in a sign that market participants aren't worried about a bit of Saudi oil coming online.