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From CNBC
A U.S. vessel has been fired on and steered to the Bandar Abbas port by Iran on Tuesday, according to reports by the Saudi news network, Al Arabiya. Iran's Fars News Agency also reported that an "American trade vessel" had been confiscated.
Senior U.S. Navy officials told NBC News there had not been any confrontation between Iran's Revolutionary Guard and any Navy ships, however.
The cargo ship is reported to have 34 crew members aboard and was steered to the port which is located off the southern coast of Iran, as per Al Arabiya.
It is not clear yet what type of cargo the ship was carrying.
Anyone know of the reason for the spike? Did something happen or did some news come out? I can't find anything.
31 decrease in oil rigs. Down to 703 rigs
You might want to check your math. It would be around $7 if it's $75/barrel.
If you run an excel sheet assuming current barrel price goes up 1% and then UWTI would go up 3% until you hit $75/barrel it will show about $7.30. Then I assumed at least another 30 cents would disappear due to decay.
But you aren't factoring in the gasoline inventories decreasing by 2.1. It was within .2 of expectations if you net everything out.
Crude futures are now positive.
Why is it up 9 cents in after hours?
1.4 million shares at $3.00 on Level 2. This will get taken out today. Whenever, I have seen a big amount Level 2 of 800,000 or greater that thing has fallen and then ran up (or down).
Get ready for a run up.
That was impressive. The 1.2 million shares sitting at $2.80 was killed off in one order. My Level 2 couldn't even show the whole buy order, haha.
I have 14,500 in my individual account at $2.45 average. I tried to trade and I bought my first big share around $2.91. Then I bought in at a lesser amount around $2.25 and then another 4,000 shares at $1.85.
In my retirement I bought 2,500 shares at $2.29. I should have pulled the trigger on more shares at $1.85. But I was saving some money just in case it went to $1.50.
I might sell 5,000-6,000 once the gap in the slow stochastics starts to get closer. Then I will try and buy back in at a modest dip to get more shares.
Hopefully, I don't end up like CyclicalTrader88 if I do that.
RBKissMyAs - What do you mean by Earl? I have seen you mention "Earl" over the past couple of months.
I am just curious how many shares do you own? It sounds like you might have a comparable amount as me. I am currently at 17,000 with an average price of $2.42.
Today is going to be a crazy day for Volume. It's already over 7 million. I wonder if we top 100 million today.
Imports this past week increased by 700,000 for crude and 100,000 for gasoline this past week compared to last week. This does have an impact on storage.
However, I think the most important thing was that weekly demand went from 18 million to 19 million.
Don't you mean gasoline inventories were down?
API 10.5 increase in Crude. Distillates and Gasoline shrunk .75
A lot of buying is starting to happen on Level 2. You almost didn't see any buy or sells for the 15 minutes prior. Then 200,000 and a lot of 20,000 orders have gone through.
The interest doesn't scare me even if it's at 7.5%. If I hold the investment on margin for 3 months then the actual interest charged will be 1.875% (7.5% x 3/12) of the borrowed money. Which would be $113 over 3 months on $6,000 of borrowing. If I buy 3,000 shares at $2/share and the stock goes to $3 then I would still have $2,887 profit.
I might wait and see if uwti falls to $1.50 before I purchase additional $6,000.
Global spare oil-storage capacity is “not as tight as we thought previously” and there’s about 377 million barrels of onshore storage space left, according to Societe Generale SA. U.S. crude tanks are 63 percent full, Michael Wittner, the head of oil market research in New York, said in an e-mailed report dated March 14.
This is from a Bloomberg article.
I don't know why everyone is acting like the storage space is going to all be utilized within the coming days or weeks. I think the Midwest and eastern storage space is around 80% full. However, the oil companies will just spend extra money to have it shipped further. Plus the weather is getting warmer these days and the winter was rough up here.
My average cost is $2.70 and I have borrowed on margin for some of it. I am debating about buying another $6,000 on margin and to lower my cost to $2.50. Then just ignoring oil until June/July.
I have a Charles Schwab account ($8.95 commission per trade) and level 2 is free. You just have to download an application.
My average cost is at $2.70. I have 10,500 shares. I think it will have a hard time to fall below $2.50. There currently are 1,282,973 shares waiting to be bought at that price.
It only takes ISIS to blow something up to disrupt Iraq Oil or Putin to make another idiotic move and oil could easily be back up to $52.
God knows what Middle East country will have some type of uprising this spring.
Cutting salaries will have some positive impact on profit margins but nothing to overcome the drop in their revenue. Oil is about 50% less than a year ago.
You would need to cut about 80% of your employees to maintain the same profit margins.
But you have to remember the trickle down effect that these oil companies have on the whole economy. Truck drivers will be making less, supply companies will be making less, restaurants will be making less.
Most companies aren't going to keep their employees on the books. They will just get rid of the marginal employees first. Then hope to hire better employees in the future.
It's not really about the profits of the oil companies but it's another reason to keep these oil companies from laying people off.
These oil jobs are high paying jobs and keeping these individuals employed is a good thing for the economy. Even if that means slowing down the pace of job layoffs.
This is more about keeping individuals working then helping the oil companies.
Just imagine what would happen to WTI prices if Obama allowed for a temporary lift of the oil export ban. With WTI being sold at a discount it would provide some relief for the oil companies in the US and would increase WTI prices.
This would also lower the Brent prices because they would need to compete with the WTI prices.
The decrease in Brent prices should keep gas prices at the pump about the same.
It would be good for our economy because maybe there would be less job layoffs in the oil industry.
What happened to oil? It jumped from being down 2% to almost even. Did Putin do something stupid or did the Saudi's say something?
It's because there isn't much activity in the pre-market tradiing before 8 am. I have never had a pre-market order filled before 8 am. Even if I put an order at the ask. However, once 8 am hits then you start seeing a lot more orders being filled.
Did anyone else notice the two separate 1 share purchases @ 2.73 and 2.74? In between them was a 6,200 share purchase for 2.75.
Well with AMNE, it did not use the trading price the day before the split. It used the record date price. I thought it was weird because I was up 60% from prior day close to open. I wish the stock price would have remained in the .05 area to see where this would have opened.
Well I know you will get the shares if you buy today. However, you are over paying for the stock if you buy today. Basically you are paying for a stock that is close to .048. But when the market opens tomorrow, the stocks value will be based off the record date (.04). Which means the stock should open tomorrow at .004.
This is based off my experience with the AMNE F/S.
As a AMNE stockholder for their 5/1 FS, you will get the split if you buy today. However, I would not buy today if I was you. Instead if you have shares I would sell now. This is how AMNE stock split work.
The ending price of record date was .0082 (post split price .0016).
The ending price of the payment date was .0050 (post split price .0010).
Well since the split was based off the .0082 price the stock opened up the next day at .0016. Which was a benefit for the shareholders that bought in at the .0050. Basically they made .0006 on each share post split.
If PKPL is anything like AMNE, anyone buying at .0470 will be losing money since it looks like it closed at .04 for the record date.