And just like that the OPEC meeting came and went. Jan slipped to a low of -40c/bbl on Nov 30 following the meeting as Dubai bulls half-heartedly sold into the immediate aftermath, letting prices peak below the lower Bollinger Band. Then as we collectively turned our pages on our calendars (us who still use paper) the Dubai bulls lost control and prices began to rally, passing flat into the lofty highs of 54c/bbl on Dec 5 as players didn’t deem it worth de. Following the meeting, it feels like very little is clearer, the bulls are underwhelmed and volatility is suffering, slipping significantly in the 60-day measure as open interest has been stagnant (albeit at extraordinarily high levels).
