 Okay, so just wanted to have a quick catch-up. It's just gone 6 30 London time now Thursday 9th of April. So From the last kind of catch-ups that I've done this is now kind of post the bulk of the main OPEC meeting But yeah, I've just annotated a chart here so you can see Just the pretty insane price movement on the back of an OPEC meeting OPEC meetings in a touristy volatile. We know that but This is quite exceptional I mean if you actually think about the ranges here that first move lower when Putin said he had no plan to talk to Trump and Saudi Arabia this came around midday London We actually fell about 6% and we actually rallied about 10% on the back of then Oh the actual OPEC meeting beginning and then talks of a positive vibes on the discussion And then this talk about 20 million cut on the table That was obviously way bigger than expected and then we actually got up and had a retest on the weekly Monday in the R2 On a daily pivot high for them being rejected more volatility Then it was kind of headlines Pertaining to a deal of only 10 million we dipped again Then it was talking about this deal would only last for two months Which was a bit of a disappointment markets were perhaps expecting longer the range of duration of cut Regardless of size was more kind of three as a minimum up to one year or end of year as a maximum And certainly two months bit disappointing. So we dipped again volatile and now we've just broken through the initial daily low And that's just added to a little bit of price movement that that line there that earlier low Pretty much coinciding of course with the $25 handle as well Probably just helping exacerbate some of the price movement, but this is just how incredibly volatile oil is in these conditions We looked at the ladder previously the market is very thin particularly now given the time of day We just saw through that, you know, I can straight 60 cent Almost break there on the break of the daily low to hit that and again This is that fast money Couple type of targeting I was talking about the briefing if you caught that this morning when the market kind of breaks A key technical level there's a fundamental catalyst markets look for the first possible exit from these kind of speculator traders And then the pivots always provide a good logical point of exit to scale out of trades or close a position Given the fact that all traders would have the same exact pivot point levels on their chart because they're derived from the previous Days price kind of volatility So yeah exactly happening to the same situation here and then quite a wicked bounce back up But let me run you through some of the latest headlines since we last Spoke and the lady that's probably in the know the most at the moment is Amina back are so if you don't follow her I strongly recommend that you do because we've not we've not finished yet with the energy commentary We've got the G20 energy ministers meeting tomorrow, of course She is deputy bureau chief for energy Intel, but she's next Reuters energy correspondent And she is right on the money at the moment She's kind of your Laura Koonsberg of Brexit if you like I don't say like for like comparison The latest discussion at the moment and perhaps reason behind a little bit of the dip a couple things for one This is what they'll discuss now a 10 to 12 million brow per day cut from May to June Now if you think about it the expectation when we were up at that high north of 28 now with sub 25 Earlier they were talking about 20 million and people getting super excited jumping on the back of that chasing some of that upside momentum But obviously 10 to 12 is kind of welcome back to reality type of situation very much then Reflection of this moving goalpost of expectations and as they were talking things up Obviously the bar goes up and so now 10 or 12 is a bit of a disappointment The other things here to supplement that commentary is And then a 8 million bow per day cut from July to December 2020 then a 6 million brow per day cut from Jan 21 to April 22 So actually from a timeline perspective Yes, it's two months for the 10 to 12, but then they're going to do this graduated Kind of easing if you like of the severity of the cut So I think that in a sense is a good rational approach It's just whether or not that these figures being 10 12 8 and 6 are going to be enough to counteract then The demand shock that we're seeing with COVID-19 at the moment Don't get me wrong as well These quotas could well be subject to quite severe changes depending on the future development of the coronavirus Of course if that gets worse and we see I don't know exponential growth continuing the US beyond Expectations or a second large wave in China which offsets then Expectations around mainland European hot spots then I'd be expecting then these cuts are going to have to get deeper because the demand shock gets all the more worse This is one of the other headlines as well just to put it in context OPEC sources both Saudi and Russian will both cut 23% from their 11 million brows per day baselines. I guess that's the kind of Initial headline and then this provides some of the details about how they're going to approach it over the longer term So the other thing to mention here I was just chatting to some of the guys on the the squawk desk and they were highlighting the fact that watch sit on Texas and Alberta and Canada because they have regulatory framework issues in the fact that it breaks antitrust laws particularly in America if they were to be part of conversations about cutting supply or at least Coordinating with other companies in order to do so to achieve that that goal And so legislation needs to change and so this is quite a key thing and Texas regulators are meeting on the 14th of April the 14th of April is not until next Tuesday now That's interesting from a date point of view because the G20 energy ministers are meeting on Friday good Friday, so quite unusual quite unprecedented to meet on what is a pretty much a global holiday markets certainly are closed So the price movement when the when it shuts today is pretty much all we're going to see until the reopening of trade next week but Perhaps a strategy here would be Trump needs to be fairly tight-lipped and not really say too much The back of that being that really he as I talked about in the briefing the actual The the value of the price of all being so low at the moment is being to detriment of these kind of smaller more independent oil and gas firms in America to be able to operate anyway, so they've already had to cut back production because of the fact that it's not actually Monetarily effective to produce at these low levels. It's a lost leader And so therefore naturally production in the US is already going to come down and some estimates are for around 2 million So for Trump I would say it could be that he sets on his laurels a little bit tomorrow And he really is the deal-breaker, although there are other countries like Canada Brazil That they're going to be important. There are lots of others But Trump really is the kind of kingmaker here on how the deal inevitably either succeeds or or folds And I wouldn't put it past him at this point. It seems like Saudi and Russia Tentatively have managed to make some kind of pieced-together agreement But it only takes Trump to come in and try and reassert his dominance Let's say and the whole thing falls apart again, and we could be in for a real Quite nasty gap down in prices by another 15 20 percent at the reopening of trade next week We shall see but hopefully makes a little bit more sense. It's just generally wrapping things up. Let me just Move back to the chart I did tweet this earlier. So if you wanted to have a look at it again, then you can do so. So that's it I'm going to hope you enjoyed the session Wish you a great long weekend Please be responsible with your isolation if you like or lockdown. I know it's going to be amazing weather but hopefully you can keep it real and For the for the benefit of everyone and then I'll see you healthy sound of mind ready to go Next week when we we recommence the briefings. Thanks so much guys