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Oil is today, 100 years from now may be powered by your imagination or unuptainium, but today it's oil. It's components costs are also driven by supply and demand. Prices are low because supply is abundant from lack of demand due to economic climate. Yadayadayada. BTW, let's see what happens to that "glut" in short order.
Good run this week Long, I'm only echoing what I've learned from TMM and Kam, but thanks for the shout out.
Here is one small frame view my friend...oil co. revenues fall, exploration and construction stops, loans gets defaulted on, construction stops, jobs loss from HUGE building projects and oil industry, banks loose, people go on unimployment, spending in states like Texas, Oklahoma, Louisiana and other oil economy states dry up...... who fills in that loss of revenue? Give ya one guess. That's an extremely simplified picture, but I'm sure you can see my point.
Are you kidding?
And there it is. $25's
Now sit back and watch UWTI go on a 12-20% run by hod today. IMO.
That model is not sustainable. It's actually bad for the economy & environment, and so on. It's too precious a commodity to squander. Think a bit longer term.
Yes I distinctly remember that post. UWTI Looking great
WTI $51 on deck. $52.50 game changer coming.
Good morning UWTI looking really nice today.
Respectfully this reads like alarmist or hyperbole to me. It deffinately isn't that dire.
WTI just hit $50 now I can hit the sack. Off tomorrow shouldn't be a great day for swings or just making bank.... have a great night everyone.
Same here Kam. I think we get a nice day tomorrow. May pull back but not until late Friday.
Ok so I'm thinking we breach that WTI $52.5 area tomorrow, if Russia comes out with a statement that it will cut 400-600k bpd we could even hit $55. I'm watching closely. I'm calling 15%+ day tomorrow.
Good, hope the D didn't hurt you too bad. GLTY!
Huh, looks like you've joined the upside, well good luck to you. This should run really nicely.
Sold U @ $23.15 holding some calls for a bit longer. I agree on $50 test I think much higher in a few days-weeks.
Yes Sir!!! Udaman TMM!!!
I'm interested to see how it moves into the Mymex close here.
Yes it makes for a nice day even though I'm at work. Can't wait until I can do this all day, everyday.
I was just going to say that same Hung Kam.
It's a beautiful thing to see my friend.
Crude -.9 MB/d gasoline +2.1mb/d
I have a feeling that cutting production is not the major issue/hurdle for OPEC members, I believe that verification will be the point of contention. No OPEC member wants independent observers checking into their oil production capacity, that of its self could prove a huge upward driving force for oil. I believe that most producers are overstating their capacity and wants to keep that a matter of national security. But let's see what the day brings.
I was wondering what affect the shorts unwinding would have on WTI price if deal is made, that coupled with psycological effects of production cuts.... could be epic.
WTI up 8% on rumor, I wonder what a real cut would do?
WTI up 7+%UWTI up 21.3%
As you said TMM the steeper the drop the higher and faster the pop!!! Should be a wild day for sure.
WTI up 6.5% UWTI up 19.6% looking good so far.
And now it starts... WTI up 5%!so far..
Good luck Kam, I also have a few puts and some UWTI, but also holding some calls that could have a nice return as I'm expecting a surprise. Also dry power for what ever happens. I'll be up at 4:30 for work so I'll be watching all day. Have a great night and let's see what we get tomorrow.
Hahaha so right. I think downside priced in except for shorts, which we've seen before. And provided a huge run up due to covering of shorts not long after the bring down.
Yes thank you for posting but deal or no deal. Reports are the only thing that really moved oil in the past few months. Also, please correct me if I'm wrong but since April I think we've had a net draw in WTI stock sooooo... as have been said hear, an OPEC no go is already priced in, after oil rises as it has been for several months. Wondering if anyone has stats on net builds/draws since February lows? Would be interesting to see. Steeper the drop, the faster and higher the pop!! And that's from a newbie.
And now.... the U run run run the U run run!!!lol
Thanks for the clarity Kam
Time for another 15-18% day today and tomorrow.
I also agree Kam, looks like longs increased position by a lot and shorts stayed pretty even, is that an accurate interpretation of the data? Also was that the report for 2 weeks ago or for last week (short thanksgiving week)? Lastly, I'm kinda looking forward to the API/EIA numbers this week. Should be lots of fun here the next few days. Deal or no deal....good luck all.
toomuch toomuch, toomuchmoney, yeah!!!
Loving it TMM