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Yes action looking good.
Thank you now let's see the $52.50 break overnight and $55 after EIA numbers.
Do you have those numbers Kam?
Sorry was that last week's?
Net Chg (Bbls) -1.3M -0.7M
Med Distillate Stocks, Net Chg (Bbls) -0.4M +2.2M
Med Gasoline Stocks, Net Chg (Bbls) +2.7M +3.3M
Here we go.
I think the bang starts in 3 mins if we get a draw as I believe we will. 1-3mbd.
Looking like it's gonna get there.
Would be nice to see green into NYMEX close
Thanks Kam, looking for $29+ by mid morning tomorrow. I think we get a draw from inventory numbers tonight and tomorrow.
In $23.90 here we go.
This is gonna fly today and tomorrow. I'm gonna stick around until midday tomorrow. Another 20-25% I think.
I'm thinking tomorrow evening and Wednesday morning going to be some fire works.
I'd like to see that $52.50 area fall today Kam, that would be a nice start.
Hahaha served for sure.
You said it LMS will be on this like glue this week. I always pay close attention to TMM calls they have servered me well in the past year. Nice to have more learned voices on here willing to take part in real teaching and info sharing. Thank you sir.
Good morning Gents, been watching this since 5 am and loving the looks here. Loving that call TMM. Gonna be a great week for oil &I UWTI!
Well gentlemen, it has been a wonderful and exciting week. Enjoy your weekend and see you here in the Uwti office next week.
TMM I'm at the bank right now and I'll take out an extra few bucks just for that purpose. I'm also gonna say this is from TMM. No pizza night tonight btw, th wife's heading to China so gotta manage the little one solo all next week. Should be lots of fun, have all day to trade.
Yes NHD! Boom!!
Ok that helps a lot. Thanks guys always learning so much from both of you.
Hey TMM, Kam, am I right in saying that just as much as peeps like to take profits on Friday, so too do shorts like to cover...?
Oh baby oh baby, I'm not sure that it'll wait for next week guys...
There is our lovely green Uwti. Another 10%+ day today?
Looks like dollar may give us another nice day here today.
Looking at the Asian market action for Friday I see WTI was trading around $51.30 towards the latter part of their day. 3:30am our time = about 3:30 pm Beijing time. Just to be clear.
It'll be back above $51 early next week maybe 1% down day today but next few days will be amazing.
Back up over $51/bbl look out for that $52 break overnight.
Sorry guys I feel a bit chatty today.
Ok so now I get what you meant, just thought that you were likening oil to rails. Well, as for the failure of economies due to low oil/gas overall energy prices.... You yourself hit on the salient point. Oil is only trading at these levels because it was forced to. Therefore unnaturally blow. As in everything in existence, (scientifically speaking), it will move back to its natural state. And as you say neither you or I can say what the fair price of oil is. What we can say is that it is necessary for life to exist in this planet as we know it. It's the blood in our economic veins, literally. Energy is a must for civilization to persist as it is and advance. We won't develope an alternate meanes of providing energy without it. That fact alone make its value very high. It requires a significant amount of resources to retrieve it. No matter how efficient that process is becoming. Shale recovery break even costs are in the $50 range from $70 area. Canadian breakeven in the $70-$80 range. And so on. Those costs will never go to zero so it has to be priced above the lowest recovery cost as an absolute base. No matter what OPEC says or does, or Russia, or anyone else, oil prices will rise. Additionally, Saudi had to act in order to ensure it very existence, so too Iran, Iraq and all other OPEC and non OPEC members. The pump at will police was akin to shooting ones self in the foot. It's not a matter of US oil becoming resilient, because lots of those CO's are the very ones developing Mideast and Russian oil fields, and benefiting from a stable and higher priced market. After all it's no fun to have massive debt, huge political challenges and have to deal with factions blowing up your pipelines or kidnapping your workers. So it's prudent to make enough money to provide security and ensure profitability. So that's one clif note version of that aspect of it. Another very important consideration is the situation in Afghanistan a few years ago. Country totally destabilized, or in Kuwait in the 90's. Oil economies are very fragile and when threatened or actually destabilized, become a powder keg that threatens the entire world. So Saudi unable to pay its bills = overthrown royal family = massive instability in the Middle East, (a lot worse than what we see now), = Israel, US,Europe threatened = global political/economic conflicts....... Inknow that I took a lot of leaps to make my point but in a nut shell those are the real significant threats to the calliope of oil prices. There is nothing else to replace it, cannot be gotten for free, it's not endless. It's value has consequences for everyone. Just like food.
I like your opinions Kam...and in the spirit of TMM....
Let it be, let it be, let it be, let it be.
The beetles.
Ok I don't get your point but you must understand something that is beyond me. I think Rails make plenty of money in their niche, (hauling cargo) but passenger rail refused to adapt so it was replaced by autos and planes and such. But that took many years, right now there isn't a bridge fuel to even come close to competing with oil and coal. When we get say 5% world energy provided by wind, solar, wave, biofuel and giant hampsters in wheels, then I'd say there's a paradigm shift. Until then I'll be trading oil. Oh let not forget the infrastructure to deliver them to consumers, that's still a long way off. Rails weren't done until the national highway system was well established. That's the best that I can do to relate these two things. Otherwise I'd just have to say the two not analogous. Oil is a commodity, consumable goods, rails were a service industry. For example, you can choose to walk, run, bike, take a horse and buggy, a boat...... to get to any place on the planet. Without oil what will you do in winter in Colorado no less? Just saying friend, they're very different.
Now let see this after lunch WTI run to $52+
Thanks for saying that Kam.
I hear ya my friend. You and TMM have been have been life savers. I'm holding some calls now that are looking quite fine only because of your posting and encouragement toward hedging.
Hahaha NICE!
BTW, hope some of the bears got to make some cash on this run. Would be a shame for people to ignore this massive opportunity just because of ego. Kam you hedging and dexterity is an inspiration and like TMM always say....makeadamoney.......
BTW, love it when the board is as active as yesterday and today.
I saw that and it just makes me smile so much. Face hurtin today. Hahaha
Here we go. Looks like 52's WTI might be here soon Kam.