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3 events every week.
1) Tuesday afternoon 4:30 API inventory estimate. This gives a pretty piss poor estimate of the 2nd event.
2) EIA inventory report on Wednesday @ 10:30. These have been showing crude continues to increase storage levels in the US. Real crude oil momentum won't return until this report shows inventory levels have peaked.
3) Rig count report Friday at 1:00PM. Shows the active number of oil and gas rigs in North America. Rig levels today have not been this low since 2010 when production was much lower than today.
Profit taking in crude oil? How's that going to lower UWTI?
This board consistently looks at the next few days to a week out. It's obvious to me oil traders are looking 2-3 months out and are buying all they can before the production dips causing the next leg higher.
LOL anyone who thinks inventory space will fill up hasn't done any research. Plenty of room for oil. No danger of inventories running out for several months if builds continue at this pace. Summer demand, fewer wells drilled and completed will obviously eliminate this (non) issue well before it becomes one.
We shall see, the last few weeks inventories have been pushed higher and high. That pace will slow down very soon. Scientifically impossible to continue at this trajectory with fewer and fewer wells coming online.
Good morning UWTI buy hold and make $$$$. Big run coming soon. Inventory build will dry up over the next few weeks. Not only are rig disappearing at an unprecedented rate but oil companies have stopped completing drilled wells until the price rebounds.
When the turn happens it will be quick and sudden. The futures should fly when this happens and take UWTI up very fast.
Whew. Can't believe this sold down on that news. Loaded up and will wait for a few days before deciding to keep trading or is it just time to hold.
Have a good weekend all.
Lowest rig count since Dec 2009 when US oil production was approx 5.5M barrels per day compared to today's 9.5M.
7% of all the US oil rigs shut down in the last 7 days. 51 out of the total 64 oil rigs were shut down were shale oil rigs.
Gas wells take their first step to -12 rigs.
Actually 76 total oil and gas rigs were shut down last week. 1 additional thermal well was added.
Yes buy all you can now.
Buy buy buy buy buy
LMAO your precision is remarkable.
Huge number!!
If the dollar and stories of storage running out can't take oil down. It ain't going down.
I suggest loading up this morning while the dollar is going nuts.
Rig report out at 1:00 PM.
Please understand this storage issue isn't an issue and is only being used to keep prices lower longer. Once the big boys have finished loading this story will disappear.
http://www.seekingalpha.com/article/2977466-u-s-crude-oil-storage-capacity-theres-more-available-than-you-might-think?source=kizur_direct#comment-49260126
NBRID a lumber company now??
Yeah not nearly as bling bling as Ruby gold. Nice nuggets though but not in our ball park.
LMAO yeah it's all just a bunch of BS. The tour groups photos and videos were all fake.
The MSHA inspections were just as fake also.
The driller that supposedly drilled all those holes was also in on the fraud.
Don't forget the ATF. Explosives approval my ass it's all just a fake.
LOL all day on that one.
Still have it. Holding DWTI as a hedge or will sell once its clear oil is headed higher.
Think we get a story in the next 14 days about how rig levels are so low production will plummet faster than thought. This will be when the fat cats have finished loading at these levels.
Could happen today or one of the next two Friday's, it's coming soon.
No oil catalyst tomorrow. Buy tomorrow to hold into the Rig report on Friday.
Yeah I see no reason to buy today. Order in at $2.79 and I will let it sit there all day.
Who said today? You have been saying below $48 for a month now haven't you? Wrong hundreds of times so far.
Not sure what report you are looking at. The report the last two weeks has caused a rally.
Nonsense again storage will never run out. Ridiculous nonsense.
$2.79's later today??
Bottom before, during or after the EIA report? That's what I would like to know.
See what happens at 10:30 with the EIA report. Once inventory reports turn from bad to good the climb to the next level won't take very long.
Looking to get back in at $2.79 tomorrow morning at 10:30:30 as soon as the inventory report is out and it's not nuclear I will load up again.
These large trades happen almost everyday in UWTI.
Beautiful day!
Pretty close, if oil spikes $10.00 in 10 days UWTI, based on futures 35-60 days out so those futures could spike $20.00 which is where the boost UWTI could get kicked in from those type of sudden moves. Under that scenario if oil moves up another $10.00 in the next 10 days the futures could run up another $20.00 which is why DWTI outperformed its expected gain by several hundred percent on the way down. The drop was so fast a furious the futures were crashing with each drop. Under that scenario above UWTI easily hits the $12 - $15 range in 30 days which sets up $30 if oil runs to $100.00 in the next 6 months.
If oil moves sideways for a lengthy period of time most of us would sell and move on. However with these yoyo type moves traders just need to keep trading and hold a core position in expectation of one of these quick moves.
Instead of lifting the ban on U. S. oil experts perhaps the government should double the SPR and support $60.00 WTI oil? In the next 10-20 years oil will be worth much more than $60.00 so adding to the SPR at these prices seems like a good move. It would also support the U. S. oil market and keep people in good paying jobs. Plus the consumer gets a break from continued lower prices and since drilling would continue the threat of $200.00 oil in a year or so is removed.
But of course our current administration wouldn't lift a finger to support any fossil fuel industry.
Exporting U. S. oil would raise prices near the level Brent is so it would be beneficial for UWTI holders.
But your $2.70's never got filled? Sitting on the sidelines?
I bit the bullet and loaded at $2.78.
Rig count report was spun as bad but the total shut down will be closing in on 50% in the next 30 days. This is the level Pickens said we needed to reach before the price would rise back up.
March will be the transitional month. The month where shorts and bashers realize oil isn't going any lower. In the month in the mid $40's out of the month in the mid $50's. If Rig shutdowns reach the 50% level by early April oil will hit $100.00 in the next 9-12 months.
Who cares about storage levels today? Production will drop huge and begin very shortly. Loading up. Hoped to get the $2.70's but looks like I might have to bite the bullet.
Down over 750 rigs since the top. Basically 40% reduction in rigs.
Production is going to collapse if they keep this pace up.