Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Gettin' interesting... for a long swing...
$17 ?
Maybe $27 more likely!
Not always
Toofuzzy
Saudi Arabia Turns Off the U.S. Oil Tap
https://www.bloomberg.com/gadfly/articles/2017-07-23/saudi-arabia-turns-off-the-us-oil-tap
U.S. Shale’s Favorite Financial Trick Is Getting Less Attractive
May 12, 201711:46 AM
Oil bulls, take heart! U.S. drillers have dramatically reduced their hedging activity, a move that could portend a break in the production gains that have upended global crude prices.
The relative cost of options protecting against a drop in West Texas Intermediate crude has fallen to its lowest since August, thanks to a big drop in producer hedging, Societe Generale SA said on Friday. The so-called put skew for contracts delivered a year from now — weighing the difference in value between bullish and bearish options — fell to just below 6 percentage points, after rising above 8 points in February.
Hedging contracts lock in payments for future production. U.S. drillers signed onto such agreements in droves late last year, after an OPEC-led deal to cut output raised prices. The Catch-22 is that the guarantees gave drillers the security to boost output, undercutting the rally. Now, futures have languished to the point that the industry’s favorite financial safeguard no longer makes economic sense.
The fall in WTI 2018 swap prices have made it “unattractive for most U.S. shale oil producers to hedge,” Jesper Dannesboe, a London-based commodity strategist for SocGen, wrote in Friday’s report. Unless oil prices rally meaningfully, that will continue, he said.
Changes in drilling-rig counts on the ground tend to follow a few months after shifts in hedging activity, since many shale companies prefer to hedge new production before committing to more spending, Dannesboe said.
“In other words, the recent decline in WTI prices may, if maintained, over time cause U.S. oil production growth to slow meaningfully,” he wrote.
WTI crude for June delivery rose 7 cents to $47.90 a barrel at 9:26 a.m. Friday on the New York Mercantile Exchange, after the U.S. reported a steeper-than-expected drop in crude inventories.
STANDING PAT
In quarterly earnings reports over the past month, oil companies indicated they’d chosen to stand pat with their hedges this year, after the surge at the end of 2016. Apache Corp. and Anadarko Petroleum Corp., two of the most active hedgers last year, hadn’t added significant new contracts as of the end of the quarter, for example.
“Given that oil prices have declined so far in 2017, I would imagine that there was a deceleration in hedging activity,” Peter Pulikkan, a Bloomberg Intelligence analyst in New York, said in an interview.
Still, drillers are also forging ahead with plans to increase production, in part thanks to the financial cushion provided by existing hedges. Pioneer Natural Resources Co., one of the most prolific actors in Texas’ Permian shale basin, has contracts in place for 85 percent of its expected oil and natural gas output this year, the company said on a May 4 conference call.
Pioneer has already hedged more than 20 percent of next year’s oil production and 15 percent of its gas volumes for 2018 as well, Chief Executive Officer Tim Dove told analysts on the call. Parsley Energy Inc., Devon Energy Corp. and RSP Permian Inc. also said they either had 2018 hedges in place or were planning to add them.
That’s likely to continue complicating the the oil market. OPEC members plan to meet in Vienna on May 25 to discuss additional production cuts that could resuscitate oil prices. Dove, on his call, said he sees it as his next opportunity to lock in hedges.
That gap fills around 23...
I should take a profit from the $27 I bought this week.
The bull gap fills at about 37.
Still on the sidelines... in no rush whatsoever.
Hedge Funds Bail Just Before OPEC-Driven Oil Rally Vanishes
by Jessica Summers
May 7, 2017, 7:01 PM EDT May 8, 2017, 3:15 PM EDT
Hedge funds jumped out of the oil market just in time.
Before West Texas Intermediate crude nosedived on Thursday, wiping out the rally driven by OPEC’s deal, money managers slashed bets on rising prices by 20 percent, according to U.S. Commodity Futures Trading Commission data. Now they may soon be well poised to start betting on the next rally.
“We are moving toward a positioning where these money managers are no longer over-invested,” Tim Evans, an analyst at Citi Futures Perspective in New York, said by telephone. “This opens up the potential for them to start buying again.”
Oil collapsed Thursday amid concerns that the Organization of Petroleum Exporting Countries has failed to ease a supply surplus as U.S. shale drillers ramp up output. Shares of U.S.-based producers got crushed as investors worry they might be repeating the same pattern that led to the market crash in 2014. Earlier this year, billionaire wildcatter Harold Hamm urged colleagues to take a “measured” approach to lifting production, or risk a new glut.
In a gamble that things could get worse, about $7 million worth of options changed hands Friday that will pay off if WTI falls beneath $39 a barrel by mid-July, according to data compiled by Bloomberg.
Hedge funds decreased their WTI net-long position, or the difference between bets on a price increase and wagers on a drop, to 203,104 futures and options in the week ended May 2, the CFTC data show. Longs fell about 7 percent, while shorts surged 37 percent, following a 26 percent jump a week earlier. The net-long position in Brent, the global benchmark traded in London, fell to 322,557 contracts, the lowest since November, data from ICE Futures Europe showed.
If recent history is a guide, WTI may need to dip just below $40 a barrel to form another bottom, but a bottom could already be there at close to $45, Mike McGlone, a Bloomberg Intelligence commodity strategist, said in a report. The market needs a jump in short positions, or bets that prices will fall, before it’s ready to start another rally, he said.
Prices have rebounded somewhat since dipping below $44 a barrel on Friday, and closed at $46.43 in New York on Monday, as Saudi Arabia’s oil minister said he’s confident the deal to cut output will be extended into the second half of the year and possibly beyond.
Because short-sellers typically trade securities they don’t own, at some point they need to become buyers to return what they borrowed. They profit when they buy cheap after having sold the borrowed securities at higher prices. That’s why they end up helping in a rebound when they think prices have dropped enough, going on a buying spree called short-covering.
“The dips are to be bought,” and with so many shorts in the market, especially after Thursday’s selloff, positive news could spur a rally back into the low $50s over the near-term, Michael Tran, a commodities strategist at RBC Capital Markets in New York, said by telephone. “When you look to the second half of the year, the fundamentals do ultimately improve.”
Oil’s tumble to a five-month low was driven purely by technical trading and supply is still getting tighter, according to Citigroup Inc. and Goldman Sachs Group Inc. The current price plunge began when WTI broke through its 200-day moving average. Once that gave way, another key technical indicator called a Fibonacci retracement was breached, paving the way to the low of the year and then $45 a barrel.
In the options market, there are some signs investors might be less pessimistic than they seem following last week’s price plunge. The so-called put skew -- which measures the difference in implied volatility between different types of options and serves as a barometer to risk perception in the market -- traded near flat Friday even after oil’s almost 5 percent selloff the day before.
“If there was such a radical shift in sentiment in the market, the skew would have been affected by the correction we had,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, said by telephone. “Our view is that the market has not necessarily jumped on the bearish bandwagon just yet.”
Saudi Arabia says will "do whatever it takes" to balance oil market
May 08, 2017, 10:51:00 AM EDT By Reuters
Reuters
* Likely to extend output cuts, maybe beyond 6 months
* Expects healthier market going forward
* Asia to drive demand over next 25 years
(Releads, adds Falih quote)
By Florence Tan and A. Ananthalakshmi
KUALA LUMPUR, May 8 (Reuters) - Saudi Energy Minister Khalid
al-Falih said on Monday that oil producers would "do whatever it
takes" to rebalance the market and that he expected a global
deal on cutting crude output to be extended through all of 2017.
The Organization of the Petroleum Exporting Countries, of
which Saudi Arabia is the de-facto leader, and other producers
including Russia pledged to cut output by 1.8 million barrels
per day (bpd) in the first half of the year to boost the market.
But global inventories remain high, pulling crude oil prices
back below $50 per barrel <LCOc1> <CLc1> and putting pressure on
OPEC to extend the cuts to the rest of the year. [nL4N1I668P]
"Based on consultations that I've had with participating
members, I am confident the agreement will be extended into the
second half of the year and possibly beyond," Falih said at an
industry event in Kuala Lumpur.
"The producer coalition is determined to do whatever it
takes to achieve our target of bringing stock levels back to the
five-year average," he said.
Falih said recent price falls had been caused by seasonal
low demand and refinery maintenance, as well as by non-OPEC
production growth, especially in the United States.
U.S. oil production <C-OUT-T-EIA> has gained more than 10
percent since mid-2016 to 9.3 million bpd, close to the levels
of top producers Russia and Saudi Arabia.
Despite this, Falih said markets had improved from last
year's lows, when crude prices fell below $30 per barrel.
"I believe the worst is now behind us with multiple leading
indicators showing that supply-demand balances are in deficit
and the market is moving towards rebalancing," he said.
"We should expect healthier markets going forward."
He said he expected global oil demand to grow at a rate
close to last year. In China, oil demand growth should match
last year's due to a robust transport sector, while India should
record healthy growth, he said.
The chairman of energy consultancy FGE Fereidun Fesharaki
said: "They (OPEC) are looking at (extending) for nine to 12
months. Six months is not enough as we'll still be well above
five years average of stocks."
ASIA DRIVES LONG-TERM GROWTH
Almost all expected oil demand growth over the next 25 years
is likely to originate from Asia as the region's population
grows, with countries such as Vietnam and the Philippines rising
to become included in the top 20 global economies, Falih said.
Asia will also account for nearly two-thirds of global gas
demand by that time, he said.
Global investments in exploration and production have also
fallen behind, potentially creating a big supply-demand gap in
the next few years, he said.
"Conservative estimates predict that we will need to offset
20 million barrels per day in combined demand growth and natural
decline over the next five years," Falih said.
"That is why I fear ... we are heading into a future of
supply-demand imbalances."
To help meet this demand, state oil company Saudi Aramco
will invest $7 billion in a refinery-petrochemical project with
Malaysia's Petronas.
Also, Saudi Aramco's project with Indonesia'sPertamina to
expand the Cilacap refinery will enter front-end engineering
design in the second half of this year, Falih said.
Falih shrugged off talk that the rise of alternative energy
could reduce fossil fuel consumption, saying renewables still
face hurdles such as affordability.
Read more: http://www.nasdaq.com/article/saudi-arabia-says-will-do-whatever-it-takes-to-balance-oil-market-20170508-00934#ixzz4gcAD8mYi
I would be surprised if OPEC wants these lower prices and continue to believe they will cut production.
Added 11.6% more shares to my holdings of ERX
Buy low, sell high
Toofuzzy
OPEC faces high-stakes decision as oil wavers around 5-month low
By Myra P. Saefong
Published: May 5, 2017 5:10 a.m. ET
If OPEC fails to extend output cuts, WTI could fall into the $30s: analyst
AFP/Getty Images
OPEC ministers have a big decision to make when the meet on May 25 in Vienna.
Oil’s plunge this week to levels not seen since November raises the stakes for the Organization of the Petroleum Exporting Countries when the cartel meets later this month to decide whether to extend an agreement to curb output.
June West Texas Intermediate crude CLM7, -0.33% on Thursday settled at $45.52 a barrel on the New York Mercantile Exchange, while July Brent LCON7, -0.04% finished at $48.38 a barrel on the ICE Futures exchange in London. Both benchmark crude contracts lost 4.8% for the session and marked their lowest settlements since Nov. 29, according to FactSet data.
On Friday, prices continued lower, before staging a rebound in European trade. Crude oil, however, was still looking at a 7.4% slump for the week.
Thursday’s slump means prices dropped to a more than five-month low—but even more important, crude was trading at prices seen before the Nov. 30 meeting in Vienna. That’s when OPEC members agreed to reduce production levels by about 1.2 million barrels a day for six months, at the start of the new year. OPEC also reached a pact with some nonmember producers who agreed to cut output by another 600,000 barrels a day.
Following the agreement, and early signs of historically-strong OPEC compliance with the pact, WTI prices climbed to as high as $54.45 and Brent to as high as $56.81 in February, according to FactSet data. Prices for both benchmark crudes have now fallen around 15% from those peaks.
Rising crude production in the U.S. and other countries that aren’t part of the output cut pledge are a key concerns because this can offset global efforts to erase the world-wide glut of supplies.
Read: Why U.S. oil production isn’t done rising
Meanwhile, OPEC member Libya had suffered intermittent production disruptions because of pipeline shutdowns tied to civil war in the nation. Risks to that production have eased as two of the largest factions in Libya made progress in reaching a deal to resolve the country’s political and economic crisis, BBC News reported Wednesday.
The leaders of two rival Libyan camps held talks earlier this week in the United Arab Emirates, promising to work to end the country’s crisis, according to a news report from Al Jazeera.
The talks indicate “progress toward unification,” said James Williams, energy economist at WTRG Economics.
“That would lead to much higher production than the current 700,000” barrels a day in Libya, he said. “A unified Libya could reach 1.5 million [barrels a day] in a few months.”
And Libya is one of two current OPEC members—the other being Nigeria—that is excluded from OPEC production quotas.
Aside from Libya potentially increasing output, “Russia commenting that it is not sure if it will continue its cuts, shale producers meeting or exceeding production guidance and not altering plans for the rest of the year, and continued weak anecdotal demand data,” have contributed to the latest drop in oil prices, said Brian Youngberg, senior energy analyst at Edward Jones.
In the near term, oil prices “remain volatile with a downward bias,” he said.
Read: 5 things that will drive oil prices in May
OPEC members plan to make a decision on a potential extension to the output reductions on May 25 in Vienna.
Read: OPEC faces ‘lose-lose’ decision on extending oil production curbs
If OPEC and non-OPEC countries who are part of the production pact do not agree on a quota extension, WTI prices could drop back into the $30s, Williams said.
For now, prices for WTI could fall back to as low as $40 a barrel, he said. But “remember, many of the U.S. oil companies locked in higher prices, so U.S. production will continue to grow for several months even if prices go as low as $40.”
DUBAI (Reuters) - Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh was quoted as saying.
"(Zanganeh) stressed that most countries want OPEC's decision to be extended," the Iranian Students' News Agency (ISNA) reported.
"Iran also supports such a decision and if others comply, so would Iran," Zanganeh told reporters late on Saturday, according to ISNA.
The market has been oversupplied since mid-2014, prompting members of the Organization of the Petroleum Exporting Countries and some non-OPEC producers to agree to cut output in the first six months of 2017.
OPEC meets on May 25 to consider extending the cuts beyond June. Saudi Arabia, Kuwait and most other OPEC members are leaning towards this if agreement is reached with other producers, OPEC sources told Reuters last month.
Bullish Oil Bets Gain on Signs OPEC Cuts to Outdo U.S. Boom
OPEC is finally making some headway in its race against the tide of surging U.S. supplies, and speculators are giving the group greater credence.
Hedge funds boosted bets on higher West Texas Intermediate crude prices a second week as futures topped $53 a barrel for the first time in a month, U.S. Commodity Futures Trading Commission data show. While more OPEC members are seen ready to extend output cuts, U.S. crude stockpiles dropped from a record. Fuel supplies are shrinking week after week at a time refineries are stepping up their crude processing ahead of the summer driving season.
“There’s renewed faith that OPEC and non-OPEC will be able to get global inventories lower,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by telephone. “We’re also looking forward to the ramp-up of refineries before the summer driving season, which will also help lower crude inventories.”
There are many indicators pointing to a more balanced market, Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said during an event at Columbia University in New York April 14.
World stockpiles should soon start to decline, the International Energy Agency said in a monthly report on April 13. The Organization of Petroleum Exporting Countries said in a report a day earlier that inventories shrank in developed nations during the first quarter, while forecasting that rivals in the U.S. shale industry will boost output.
Money managers’ WTI net-long position, or the difference between bets on a price increase and wagers on a drop, climbed 16 percent in the week ended April 11, according to the CFTC. WTI rose 4.6 percent to $53.40 a barrel in the report week, and slipped 0.7 percent to $52.79 at 8:13 a.m. on Monday.
OPEC Chatter
Futures closed at the highest in six weeks on April 11 after Saudi Arabia was said to likely support prolonging OPEC output cuts. Ministers are scheduled to gather in Vienna on May 25 to discuss whether the group will roll over for another six months the 1.2 million barrels a day in output curbs that went into effect in January.
“There’s an increasing likelihood that on May 25 OPEC will agree to extend production cuts,” Jason Schenker, president of Prestige Economics LLC in Austin, Texas, said by telephone. “The outlook is improving regardless of the high level in overall inventories. The OPEC meeting will take place just before the Memorial Day holiday, which is the start of the summer driving season.”
U.S. crude inventories fell 2.17 million barrels from an all-time high in the week ended April 7, according to the Energy Information Administration. Refineries processed 16.7 million barrels a day of crude during the period, the highest since January. U.S. fuel producers typically boost crude processing at this time of year as they prepare for the summer surge in gasoline demand.
The net-long position in WTI rose by 42,199 futures and options to 309,229. Longs climbed 2.8 percent, while shorts tumbled 31 percent, the biggest drop in four months.
Net-long positions in Brent oil also increased. Speculators’ wagers on the grade, the global benchmark traded in London, rose by 33,925 contracts to 437,244, the biggest gain in four months, data from ICE Futures Europe showed.
Fuel Supply
Meanwhile, gasoline inventories dropped an eighth week, the longest stretch of declines in three years. Stockpiles of distillate fuel, a category that includes diesel and heating oil, fell a ninth week to the lowest since November. It was the longest stretch of pullbacks in distillate supplies since 2010.
Net bullish bets on gasoline climbed 19 percent to the highest since February. Net-long wagers on U.S. ultra low sulfur diesel surged 51 percent, the biggest gain this year.
“The numbers reflect slightly more bullish sentiment in the marketplace,” Schenker said. “The continued draw in product stocks is supportive as is the expected start of the summer driving season.
Oil had an interesting move late Sunday night. First up and then crash.
What is that about? Some news?
Toofuzzy
CERAWeek: OPEC done bearing ‘burden of free riders’
HOUSTON, Mar. 8
03/08/2017 By Matt Zborowski
OGJ Assistant Editor
Maintaining a stable world oil market is a global responsibility and not one that should fall squarely on the shoulders of the Organization of Petroleum Exporting Countries, two of the cartel’s primary decision makers emphasized during separate discussions at CERAWeek by IHS Markit on Mar. 7.
In past industry downturns, non-OPEC producers “simply reaped the benefits of OPEC supply reduction,” but now OPEC has made it clear it “will not bear the burden of free riders,” explained Khalid Al-Falih, Saudi minister of energy, industry, and mineral resources, and chairman of Saudi Aramco, to his Houston audience during a ministerial address.
“We can’t do what we did in the ’80s and ’90s by swinging millions of barrels in response to market conditions,” he stated. OPEC members and 11 non-OPEC nations late last year altogether agreed to cut production by about 1.8 million b/d through this year’s first 6 months (OGJ Online, Dec. 13, 2016).
Al-Falih noted that history has “demonstrated that intervention in response to structural shifts is largely ineffective,” which is why Saudi Arabia “does not support OPEC intervening to alleviate long-term structural imbalances” instead of addressing “short-term migrations such as financial crises, economic recessions, unforeseen supply disruptions, or what we see today—what we consider to be a temporary inventory glut.”
Long-term ‘collaborative framework’
The current deal is distinctive from past deals in that it’s merely “a collaborative framework for production management” for a set period of time that will kickstart a rebalancing and allow the free market to do the rest. “Saudi Arabia has so far led by example for the first 3 months,” Al-Falih said, by reducing its output more than it agreed upon in December and thus “well below” its maximum production capacity of 12.5 million b/d.
“We will decide with our partners what to do in the second half,” Al-Falih said, noting that inventory relief has come slower than he thought during the first 2 months of the year. While the “green shoots” of a global recovery may be under way, those shoots “may be growing too fast” in the US.
OPEC is scheduled to meet again on May 25 in Vienna, where the major producers from both within the cartel and outside of it will assess the global oil market and whether or not further collaboration is necessary and even possible.
“We agreed in Vienna that to rebound this market we have to address that one variable in the equation,” said OPEC Sec.-Gen. Mohammad Sanusi Barkindo during a luncheon on the global oil market. That variable, he said, is inventories and their inverse relationship with crude oil prices. Results on that front “will determine how to move forward” on possibly extending the agreement.
Al-Falih said the group of producers is working together to ensure their collaboration “transcends this market cycle,” and Barkindo sees it lasting “in the medium to long term.” But Al-Falih reiterated future agreements will not come at the expense of Saudi Arabia.
Western interests still present
Saudi Arabia nonetheless “has a vested interest” in the US petroleum industry and overall economy and will continue to invest in the region, Al-Falih said. Enabling Saudi Arabia to advance its US downstream growth, for example, is the division of assets, liabilities, and businesses by Aramco and Royal Dutch Shell PLC in US-based refining and marketing joint venture Motiva Enterprises LLC (OGJ Online, Mar. 7, 2017).
Conversely, Aramco’s initial public offering in 2018 and the country’s initiative to diversify its economy in “Saudi Vision 2030” promises to attract investment from the US.
Barkindo said OPEC believes the shale revolution that began almost a decade ago was “timely” and “welcome” given the global supply-demand balances at a time when output was declining from Libya, Nigeria, and Iran. Without the additional supply from the US, the global economy could have been “in a deep crisis,” he said.
During a meeting on the sidelines of the conference with chief executives of major US shale producers, Barkindo said he “congratulated them for pioneering this new frontier” of shale, praising their combination of technology and operational skills, managerial ingenuity, and a financial system that supports creativity.
“We only wish that it was done in an orderly fashion without creating this severe cycle that we are still battling to come out of,” Barkindo added.
North American Rotary Rig Counts
The U.S. rotary rig count from Baker Hughes was up 2 at 756 for the week of March 3, 2017. It is 267 rigs (54.6%) higher than last year.
The number of rotary rigs drilling for oil was up 7 at 609. There are 217 more rigs targeting oil than last year. Rigs drilling for oil represent 80.6 percent of all drilling activity.
Rigs directed toward natural gas were down 5 at 146. The number of rigs drilling for gas is 49 higher than last year's level of 97.
Year-over-year oil exploration in the U.S. is up 55.4 percent. Gas exploration is up 50.5 percent. The weekly average of crude oil spot prices is 54.7 percent higher than last year and natural gas spot prices are 62.1 percent higher than last year. Daily crude oil and natural gas futures and spot prices are available on our site.
Canadian rig activity was down 6 at 335 for the week of March 3, 2017 and is up 206 (159.7%) from last year. The number of rigs drilling for oil was down 9 at 197 and is 147 (294.0%) higher than last year. Gas directed rig count at 138 was up 3 and is 59 rigs (74.7%) higher than last year. Canadian drilling falls rapidly in the spring to avoid environmental damage moving drilling equipment during the spring thaw and rainy season. With large weather related seasonal swings, even year-over-year comparisons can lead to incorrect conclusions.
U.S. shale plots production growth despite OPEC's warning
By Ernest Scheyder | HOUSTON COMMODITIES | Thu Mar 9, 2017 | 1:12am EST
U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgence that could confound OPEC's strategy to tighten global supplies.
As shale firms rebound from a two-year price war with OPEC, many are planning to expand production in North Dakota, Oklahoma and other shale regions.
The Permian - America's largest oilfield - has already seen output jump in the past six months.
Hess Corp, Chesapeake Energy Corp, Continental Resources Inc and other firms detailed their growth plans at an energy conference in Houston this week. The projects they outlined would result in a steady supply of American crude exports through the next decade.
Rising U.S. energy clout has frustrated efforts by the Organization of the Petroleum Exporting Countries to control global oil prices through a production curb announced last fall - its first in eight years.
The rise in U.S. output was enough to boost domestic crude stockpiles last week by 8.2 million barrels, more than quadruple estimates from analysts polled by Reuters.
The unexpected supply surge pushed U.S. oil prices down more than 5 percent on Wednesday to close at $50.49.
The price drop underscored the growing impact of U.S. shale production on global supplies and prices relative to OPEC member nations, which once exercised dominant influence on global markets. Representatives from both sectors acknowledged that power shift at the energy conference in Houston.
"We are on something of an equal basis today with OPEC," said Harold Hamm, founder and chief executive of Continental Resources, which has invested heavily in Oklahoma shale projects in the past year.
In North Dakota's Bakken shale fields, where Continental is the largest leaseholder, the company has hired oilfield service contractors to frack wells that it had mothballed during the price downturn.
Chesapeake - which has one of the largest acreage positions of any U.S. producer, with holdings in Pennsylvania and Louisiana - has only drilled an average of 25 percent of its land, giving it years of inventory to drill and frack.
"We have this great opportunity to run with," said Frank Patterson, Chesapeake's head of exploration and production. "We can develop what we have and grow."
Hess, one of the largest Bakken producers, is adding four rigs this year and says it has more than a decade of drilling locations at current oil prices.
"We're back to growth in the Bakken," Chief Executive John Hess said in an interview.
These and other expansion plans come as the Permian Basin saw $28 billion in land acquisitions in 2016, more than triple the prior year. Chevron Corp, which controls 2 million Permian acres, expects its output there to jump 20 percent by the end of the decade.
"We're ramping up," Chevron CEO John Watson said.
Yet as the rise in American oil stockpiles shows, producers run the risk of pumping too much and creating a new glut that could push prices down.
The U.S. Energy Information Administration boosted its forecast this week for American oil production for 2017, now expecting output to rise 330,000 barrels per day from last year. Production in the United States is about 5 percent below the all-time high.
OPEC WARNS SHALE PRODUCERS
A handful of chief executives at U.S. oil producers met with OPEC ministers last weekend ahead of the CERAWeek conference at a dinner organized by investment bank Lazard Ltd. The meeting, the first between the two groups, was described by attendees as cordial.
"OPEC is trying to figure out U.S. shale," Scott Sheffield, chairman of Pioneer Natural Resource Co, said in an interview. "U.S. shale is trying to understand where (oil) prices will go. We're educating each other."
OPEC plans to meet on May 25 in Austria to decide whether to extend or deepen the supply cuts.
OPEC Secretary General Mohammed Barkindo said this week that for the cartel to renew its production output agreement, non-OPEC members must be on board.
Hess, Sheffield and other U.S. shale leaders said they expect the group will renew the production curbs.
"It's really healthy that shale producers understand the importance of OPEC," said Hess. "We're all in the same boat."
While American producers seem unlikely to agree to any broad output curb with OPEC, they are keenly aware of the supply and demand for oil.
"We have the potential to oversupply the market," said Continental's Hamm. "And we have a great responsibility not to do so."
(Edited by Brian Thevenot)
Oil prices dive 5 percent as U.S. crude inventories balloon
By Devika Krishna Kumar | NEW YORK
Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs.
Crude stockpiles in the world's top energy consumer have been rising all year, and soared last week by 8.2 million barrels, more than quadruple the forecasts, data from the U.S. Energy Information Administration showed. [EIA/S]
The big daily price slide could signal a steep downward move if speculators are beginning to unwind long positions in crude oil, which were close to a record, traders and analysts said.
Technical analysts said more selling could be triggered if prices break below support levels after being in a tight trading range this year.
"We're seeing some 'GMO trading', or 'Get-Me-Out' type trading," said Andrew Lebow, senior partner at Commodity Research Group in Darien, Connecticut.
"It's a combination of an overhang of (speculative) length and the overhang in inventories ... and the other thing unnerving the market is rapid growth in U.S. crude production."
U.S. West Texas Intermediate crude CLc1 settled at $50.28 per barrel, down $2.86, or 5.38 percent after falling to its lowest level since Dec. 15.
Brent crude LCOc1 slumped to its lowest level since Dec. 8 at $52.93, before settling at $53.11, down $2.81 or 5.03 percent.
Prices notched their biggest daily percentage drop since February 2016. Trading volumes soared, with more than 877,000 lots of 1,00 barrels each changing hands in WTI, the highest since Dec. 1. In Brent, volumes hit the highest since early December with over 419,000 lots traded.
Both contracts fell below their 100-day moving averages for the first time since late November when OPEC and other producing countries announced supply cuts.
"This is one of those occasions where the news follows the trend and we've now tried for the better part of the year to get through the $55-$56 area for WTI specifically and we've failed," said Brian LaRose, technical analyst at ICAP in Jersey City, New Jersey.
"This is more of a catalyst and a wake-up call to a lot of people to say here's some fundamentals to back up what technicals have been saying for the last three weeks."
The most active options of the day included WTI April $50 puts CL500P7 with more than 21,000 lots traded, April $51 puts CL510P7 with more than 18,00 lots and May $50 puts CL500Q7 with more than 17,000 lots.
Key support levels for WTI that were being tested are the $51-$50 range heading to the end of the week, LaRose said. If that is breached, the next levels to watch would be the $47-$48 range.
Also pressuring oil prices were expectations of a U.S. interest rate hike next week, which lifted the dollar .DXY against a basket of currencies, making greenback-denominated oil more expensive for holders of other currencies.
Oil prices had been supported by a supply cut that started on Jan. 1 by the Organization of the Petroleum Exporting Countries plus Russia and other non-members. Data and statements from oil ministers suggested high compliance with the deal.
Officially, OPEC maintains that it is too early to talk of extending the agreement, a position reiterated by the Saudi minister on Tuesday.
(Additional reporting by Alex Lawler in London, Scott DiSavino and Catherine Ngai in New York, Ethan Lou in Calgary and Keith Wallis in Singapore; Editing by David Gregorio)
Just some patterns to justify an entry...either way
2B Dragon pattern explained here
US Crude Oil Production Hit a 10-Month High: What’s Next?
By Gordon Kristopher | Feb 24, 2017 8:37 am EST
US crude oil production
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 24,000 bpd (barrels per day) to 9,001,000 bpd between February 10 and February 17, 2017. Production rose 0.3% week-over-week but fell 1.1% year-over-year. US crude oil production is at the highest level since April 2016. The rise in US crude oil production can pressure crude oil (ERX) (USL) (FENY) prices.
OPEC’s spare crude oil production capacity
The EIA (U.S. Energy Information Administration) estimates that OPEC’s (Organization of the Petroleum Exporting Countries) spare crude oil production capacity rose by 960,000 bpd (barrels per day) to 2.01 MMbpd (million barrels per day) in January 2017—compared to the previous month. OPEC’s spare crude oil production capacity rose 91% month-over-month and 33% year-over-year. It’s at the highest level in two years.
http://marketrealist.com/2017/02/us-crude-oil-production-hit-a-10-month-high-whats-next/?utm_source=yahoo&utm_medium=feed
As soon as I said that, down she went... looking for entry.
Libya Oil Output On The Rise, Highest Since 2014
Christopher Coats , CONTRIBUTOR
I write about energy and policy issues facing the Mediterranean region
Opinions expressed by Forbes Contributors are their own.
Pause
Unmute
Current Time 0:06
/
Duration Time 0:15
Loaded: 0%Progress: 0%
Fullscreen
A general view shows an oil facility in the northern oil rich Libyan town of al-Buraqah on January 12, 2017.The deeply tribal nation has been sharply divided since the 2011 ouster of longtime dictator Moamer Kadhafi, with rival militias vying for influence and control of oil resources. ABDULLAH DOMA/AFP/Getty Images
After a series of setbacks and missteps, Libya is reportedly on track to continue its increased oil production in 2017, with output now sitting at the highest levels seen since 2014.
According to media reports, the North African nation is currently producing 715,000 barrles per day and is expected to produce around 1.3 million barrels of oil per day by the end of 2017 with the goal of increasing that amount by 300,000 barrels per day by 2022.
The help bolster this effort, Libya is seeking out necessary foreign partnerships for energy development after a three-year lockout.
"We intend in the coming months to lift our self-imposed moratorium since 2011 on foreign investment in new projects to achieve the best national interest for the Libyan oil sector and for Libya as a state," Mustafa Sanalla, the chairman of the Libyan National Oil Corp.said.
Home to Africa's largest oil reserves, Libya has struggled to return production to levels seen before the 2011 Arab Spring and ensuing civil war caused the collapse of the Gaddafi government. Up until then, the north African nation produced around 1.6 million barrels of oil per day, but a steady stream of political and security unrest has led to a sharp decline in output in recent years.
This situation has been further exacerbated by political infighting and disputes regarding authority over production regions.
Libya's goal of increased production could put it at odds with fellow OPEC members, who reportedly agreed to limit production to address a global supply glut that has weighed heavily on prices and revenue for member states.
Global oil, gas discoveries drop to 70-year low: Rystad Energy
REUTERS/Robin Paxton
By Ron Bousso | LONDON
Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices.
The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of a supply shortage by the end of the decade.
Total oil and gas resources found in 2016 reached just more than 6 billion barrels of oil equivalent (boe), said Sona Mlada, senior analyst at Oslo-based consultancy Rystad Energy.
The numbers do not include North American shale resources which have been a key driver in supply growth in recent years.
Offshore liquid discoveries, where most major new fields have been found in recent decades, reached 2.3 billion boe last year, 90 percent below 2010 levels.
As a result, companies were able on average to replace only 10 percent of their oil and liquid gas reserves last year, compared with a reserve replacement ratio of 30 percent in 2013.
"The lack of discovered volumes in 2016 will not have an immediate impact on the global oil supply in the short-term, given the lead time it takes from the discovery to start-up of a field's production," Mlada said.
"However, these 'missing' discovered volumes in the current years could have an impact on the global supply some 10 years down the line – depending on the investment decisions of the exploration companies."
Several significant discoveries were announced in recent weeks including Exxon's find of 100-150 million boe offshore Guyana and Statoil's 80 million boe discovery off Norway.
Global exploration spending dropped in 2016 to $40 billion and could drop further this year, consultancy WoodMackenzie said last month.
Oil price rises two percent ahead of producers' compliance meeting
Exclusive: China quietly shelves plans to launch Shanghai crude oil futures.
As a result, the number of exploration wells drilled dropped last year by 40 percent from levels seen in 2014 when oil prices began the sharp decline, according to Mlada.
Around 60 percent of resources discoveries made last year were gas, she added.
China's Oil Collapse Is Unintentionally Helping OPEC
Bloomberg News
January 16, 2017, 7:20 PM EST January 17, 2017, 8:25 AM EST
China’s crude production seen dropping as much as 7% this year
Output declining at aging fields amid capital spending cuts
OPEC's Barkindo: Hope to See Balance Return in 2017
OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer.
China’s production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016, according to analysts at CLSA Ltd., Sanford C. Bernstein & Co. and Nomura Holdings Inc. That’s about the same size as the output cut agreed by Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, which late last year reached a deal to trim supply to support prices.
“China’s domestic crude output decline will certainly help OPEC’s plan to reduce global supply,” said Nelson Wang, a Hong Kong-based oil and gas analyst at CLSA, who sees a 7 percent slide this year. ”Even if that isn’t China’s intention, it’s just the reality that China can’t produce more under the current circumstances.”
While China consumes more oil than almost any other country, it’s also one of the world’s biggest producers, with fields stretching from offshore its southern coast to the far north east. The collapse in prices that began in 2014 is taking its toll, and the nation’s output suffered a record decline last year. That plays into the hands of OPEC as it seeks to prop up the global oil market, forcing China to depend more heavily on imports.
Brent crude, benchmark for half of the world’s oil, averaged about $45 a barrel last year, more than 50 percent below levels in 2014, the year OPEC decided to tackle a global glut by keeping the taps open. The crash in prices triggered a rethink by the group, which banded together with 11 non-member countries late last year and agreed to a collective cut of almost 1.8 million barrels a day.
The deal triggered a rally, which was unable to hold above $58 a barrel amid concern higher prices would spur higher output elsewhere, particularly from U.S. producers. Brent was trading 1.3 percent higher at $56.58 a barrel as of 8:24 a.m. New York time on Tuesday.
China’s output slumped in 2016 as state-owned firms shut wells at mature fields that had become too costly to operate after the crash. Crude production fell 6.9 percent in the first 11 months of 2016 to about 4 million barrels a day, the first decline since 2009 and the biggest in data going back to 1990.
The International Energy Agency estimates output fell 335,000 barrels a day last year as the country’s biggest producers cut spending, and will slide a further 240,000 barrels a day this year. Production shrank to a seven-year low in October “with no uptick in activity expected from the major companies,” the Paris-based group said last month.
Daqing, Shengli
Supply from the Daqing field, one of China’s biggest and oldest, slipped about 3 percent last year to 732,200 barrels a day, according to data from China National Petroleum Corp. While the nation’s biggest explorer plans to maintain output at the field, it aims to cut spending on exploration and engineering there by 20 percent this year, it said in December.
Output at China Petroleum & Chemical Corp.’s Shengli field, which contributed 65 percent of the company’s domestic crude production last year, will shrink almost 2 percent, the subsidiary that operates it said this month.
There’s “little hope” the country’s aging oilfields can reverse the declines even as prices rebound, while new discoveries may not raise output as much as expected because of high production costs, said Bernstein’s Neil Beveridge, who forecasts the country will pump 4 percent less this year. Even after explorers improved efficiency over the past two years, the break-even point for new onshore oilfields is still about $50 a barrel, he said.
Supporting Imports
CNPC and China Petroleum & Chemical Corp., known as Sinopec, declined to comment. Nobody answered calls to China National Offshore Oil Corp.’s press office in Beijing.
National Energy Administration, the country’s energy regulator, forecasts that output this year will remain stable at about 4 million barrels a day, NEA director Nur Bekri said at the agency’s annual meeting in December, according to a 21st Century Business Herald report. The NEA didn’t respond to a faxed request for comment.
Lower domestic production will help support the nation’s imports, especially in the first half of the year, according to Virendra Chauhan, an analyst at London-based Energy Aspects Ltd. That will increase the country’s reliance on overseas supply, which is forecast to rise above 65 percent of its total crude use this year, according to CNPC’s research arm.
The most important market news of the day.
Get our markets daily newsletter.
Enter your email
Sign Up
China’s oil imports in 2016 grew at the fastest pace in six years and the nation was the world’s biggest buyer in December. Inbound shipments climbed 13.6 percent last year, while imports in December rose to record 8.6 million barrels a day. This year, though, the Asian nation will boost its purchases by 4.8 percent, according to the median estimate of eight analysts in a Bloomberg survey last month.
Rapidly Aging
China is seen leading a trend across the region. Asia-Pacific’s crude output will drop by about 1 million barrels a day to 6.5 million by 2020, according to Wood Mackenzie Ltd., as exploration since 1990 has yielded mostly natural gas and capital spending was cut because of the slump in oil prices. China will account for 47 percent that decline, according to the consultant.
“China’s largest oil fields are aging rapidly,” said Gordon Kwan, Nomura’s Hong Kong-based head of Asia-Pacific oil and gas research, who sees the country’s output falling 5 percent even as prices rise. “Advanced technology can only mitigate the decline rate, but can’t reverse the structural trend.”
Oil slides 2 percent on strong dollar, doubts of OPEC output cuts
Reuters
By Devika Krishna Kumar
ReutersJanuary 10, 2017 REUTERS/Eric Gaillard
NEW YORK (Reuters) - Oil prices fell 2 percent on Tuesday to the lowest in nearly a month, extending the previous session's sell-off as the U.S. dollar strengthened and doubts mounted over whether producing countries would implement a deal to cut output.
Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) appear to be reducing production, but it was unclear whether other big producers will follow suit.
Iraq, OPEC's No. 2 producer, said it would raise crude exports from its main Basra port to an all-time high in February. The country's southern oil exports in early January held steady near a record high, despite the agreed start of OPEC cuts, according to an industry source and loading data.
Oil prices "are consolidating at the lower levels ... after doubts emerged over the degree of compliance with OPEC production cuts as Iraqi exports remain high, as well as the more general pace of market rebalancing," Tim Evans, energy futures specialist at Citigroup said in a note.
"Fresh reports that non-OPEC producers Russia and Kazakhstan have reduced output have produced little price reaction, with the failure to rally on bullish news suggesting that the market is overbought and vulnerable to a further downward correction."
Brent crude <LCOc1> settled at $53.64 a barrel, down $1.30, or 2.4 percent, after hitting the lowest level since Dec. 15 at $53.60. U.S. crude futures <CLc1> ended down $1.14, or 2.2 percent, at $50.82 per barrel. The contract touched its lowest since Dec. 16 at $50.79.
Prices did not move much after settlement, when industry group the American Petroleum Institute (API) reported a 1.5 million-barrel build in U.S. crude stocks in the week to Jan. 6. Analysts had expected an increase of 1.2 million barrels, and official data from the U.S. government are due Wednesday morning.
On Monday, both contracts sank around 4 percent on doubts about global output cuts.
The dollar rose <.DXY>, pressuring greenback-denominated oil.
Higher oil futures prices through December encouraged investors to buy large volumes of crude contracts and sliding prices could prompt many of these long positions to be unwound.
Rising oil production in North America is also pressuring prices. The U.S. Energy Information Administration sharply raised its forecast for 2017 U.S. crude output growth to 110,000 barrels per day. Last month it forecast a 80,000 bpd decline.
The average Canadian rig count for December was 209, up 36 from November and up 49 from a year ago, said Matt Stanley, a fuel broker at Freight Services International in Dubai.
"A 30 percent increase in Canadian rigs in a year ... The bear in me is well and truly back," Stanley said.
(Additional reporting by Christopher Johnson in London, Henning Gloystein in Singapore; Editing by David Gregorio and Marguerita Choy)
I've been in accumulation for months now. Still holding out but I don't blame you for taking some profit. Who knows what the new administration will do?
I sold 5% of my shares at $42 today. I guess just before the drop.
Toofuzzy
OPEC
Posted by Bloomberg Date: January 03, 2017
Oil climbed to an 18-month high in New York as output cuts by Kuwait and Oman signaled OPEC and its partners are delivering on their agreement to stabilize the market.
Futures rose as much as 2.8 percent after adding 45 percent last year, the biggest annual gain since 2009. Officials from Oman and Kuwait told local media they’re cutting oil production in January, fulfilling pledges that they and 22 other producers made on Dec. 10. Prices also advanced as China’s manufacturing purchasing managers index stabilized near a post-2012 high, signaling demand may be supported in the world’s second-biggest oil user.
Oil climbed for the first time in three years in 2016 as the Organization of Petroleum Exporting Countries and 11 other nations agreed to cut output starting Jan. 1 in an effort to reduce bloated global inventories. Prices, which eased in late December, are surpassing the peaks reached just after the deal was finalized, as Kuwait and Oman give the first signs the curbs are being implemented.
“The new year sees the start of the output cuts that were agreed between OPEC and some non-OPEC producers,” said Hamza Khan, head of commodities strategy at ING Bank NV in Amsterdam.
West Texas Intermediate for February delivery gained as much as $1.52 to $55.24 a barrel on the New York Mercantile Exchange and was trading at about $55 a barrel at about 7:30 a.m. Central time. There was no trading Monday because of the New Year holiday. Total volume traded Tuesday was about 28 percent above the 100-day average.
Brent for March settlement climbed $1.38 to $58.20 on the London-based ICE Futures Europe exchange, trading at a $2.22 premium to WTI for the same month. The global benchmark contract rose 52 percent last year, the most since 2009.
OPEC member Kuwait has reduced output by 130,000 barrels a day to about 2.75 million a day, Al-Anba newspaper reported, citing Kuwait Oil Co. Chief Executive Officer Jamal Jaafer. Oman is cutting 45,000 barrels a day from 1.01 million, the Oil Ministry’s Director of Marketing Ali Al-Riyami said on Oman TV.
OPEC nations and non-members including Russia and Mexico have agreed to trim output by about 1.8 million barrels a day. Iraq will start implementing cuts by reducing heavy and medium grades, the nation’s Oil Minister Jabbar al-Luaibi told Kuwaiti daily al-Jarida.
“If we see ongoing evidence of the production cuts, it will have a positive impact on the market,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. “A big factor to watch over the coming months will be the response of shale oil to the supply cuts.”
China’s manufacturing purchasing managers index edged down to 51.4 in December from 51.7 the prior month, while a gauge of factory input prices surged to a five-year high of 69.6. U.K. manufacturing grew at the fastest pace in 2 1/2 years in December, helped by the pound’s depreciation since the vote to leave the European Union.
Nothing wrong with taking profit.
By Florence Tan | SINGAPORE
Top oil exporter Saudi Arabia is expected to raise prices for all grades of crude it sells to Asia in February, tracking strength in the Dubai price benchmark and robust refining margins, traders said on Tuesday.
The official selling price (OSP) for flagship Arab Light crude could rise by at least 50 cents a barrel for February, a Reuters survey of four traders showed.
The respondents expect bigger price hikes for heavier grades in February, pushed up by the strongest fuel oil cracks in five years.
Arab Heavy's OSP could rise by as much as 90 cents to $1 a barrel in February, traders said.
The price hikes are "expected given stronger Dubai structure and stronger margins," one of the traders said.
He added that the contango spread between the first- and third-month Dubai crude prices published by price reporting agency Platts in December narrowed by 55 cents to 60 cents a barrel from November, an indication of a stronger spot market. The price of oil for prompt delivery is lower than those for future months in a contango market.
Saudi Arabia had committed to cut its production in January by 486,000 barrels per day (bpd) to 10.058 million bpd in an agreement among members of the Organization of the Petroleum Exporting Countries.
Still, the producer agreed to export more oil, above contractual volumes, to some Asian customers in January, opting to cut supplies to Europe and the United States instead because of higher netbacks in Asia, trade sources said.Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.
Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
I am going to sell a few shares the next trading day. Didn't want to take more gains in 2016
Toofuzzy
Bullish... for the foreseeable future... ERX
Oil prices dip on persistent fuel supply overhang
By Sabina Zawadzki | LONDON 11/11/16
Oil prices dipped on Friday as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly.
International Brent crude futures LCOc1 traded at $45.70 per barrel at 0445 ET, down 14 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading 29 cents lower at $44.37 per barrel, weighed down by weakening U.S. demand.
"This week, both U.S. gasoline and diesel demand decelerated on a four-week rolling average basis to minus 2.1 percent year-on-year and plus 0.9 percent, respectively," U.S. investment bank Jefferies said on Friday.
Traders said a crude and refined product glut that has dogged markets for over two years was dragging on prices.
The supply overhang could run into a third year in 2017 without an output cut from the Organization of the Petroleum Exporting Countries, while escalating production from other exporters could lead to relentless supply growth, the International Energy Agency (IEA) said on Thursday.
"Oil markets are increasingly reflecting growing consensus that the persistent oversupply seen throughout 2016 will carry on into 2017," analysts at JBC Energy wrote.
"We would actually go a step further, as while 2016 has seen a significant improvement from 2015 with easing oversupplies, 2017 will be worse again barring massive outages or OPEC action."
In its monthly oil market report, the IEA said global supply rose by 800,000 barrels per day (bpd) in October to 97.8 million bpd, led by record OPEC output and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.
Nigeria is working out new oil and gas policies to attract more private investors and boost crude production by 500,000 bpd by 2020, state firm NNPC said on Thursday.
The IEA kept its demand growth forecast for 2016 at 1.2 million bpd and expects consumption to increase at the same pace next year, having slowed from a five-year peak of 1.8 million bpd in 2015.
Beyond oversupply, a surging dollar .DXY following the initial shock of Donald Trump's U.S. presidential election win also put pressure on prices, traders said. The dollar was on course on Friday for its best week in a year.
Because oil and refined products are traded in dollars, their import costs rise for countries using other currencies, potentially crimping demand.
(Reporting by Sabina Zawadzki; Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson)
Playing the Gaps..
we gapped up today meaning will fill fill down..
"I wouldn't be surprised if by the end of the week or beginning of next week, we'll get to $42 or $41 a barrel, as very few believe OPEC will make cuts that matter."
Keeping some dry powder ready..
http://www.reuters.com/article/us-global-oil-idUSKBN12X02E?il=0
Well this triggered a buy.. We'll see
http://finviz.com/quote.ashx?t=erx
Followers
|
35
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
774
|
Created
|
11/08/08
|
Type
|
Free
|
Moderators |
The Energy Select Sector Index (IXETR) is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. One cannot directly invest in an index.
These leveraged ETFs seek a return that is 200% or -200% of the return of their benchmark index for a single day. The funds should not be expected to provide two times or negative two times the return of the benchmark’s cumulative return for periods greater than a day.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |