Join Hedgeye's Energy Analyst Joe McMonigle and Senior Policy Analyst JT Taylor on a Flash Conference Call for clients today at 2:00 PM ET to discuss President Trump's surprise announcement via tweet of a potential deal for an OPEC+ cut of about 10-15 million barrels a day to stabilize oil markets.
Trump reached for the oil market red phone Thursday with the Saudi Crown Prince and a couple days ago with President Putin. It’s potentially a very big deal if the cuts of 10 million barrels a day or more that Trump tweeted are possible but there remains many details to be known. It’s very positive that the world’s top three oil producers are talking about stabilizing oil markets but demand declines from coronavirus impacts are casting a huge shadow in the oil sector. While production cuts won’t solve everything, it will at least place some kind of catalyst in markets for a floor because the market currently has nothing to stop prices from going lower except eventual production shutdowns.
On Friday, President Trump will meet with energy company CEO's at the White House to discuss the oil market. Trump had said previously “at the appropriate time, I’ll get involved” and earlier this week hinted that he had a "solution."
We'll discuss what we are hearing from the Trump Administration, Saudi Arabia and OPEC and how we see the next events playing out.
Today - Friday, April 3 at 2:00 PM ET
Participating Dialing Instructions
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Confirmation Number: 13701601
