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Even so, when oil hit 26, GST went to .90 and then bounced nicely off of that. I expected it to revisit the low .90's but not the mid .70's
GST! Wow! Down to .79. Oil is taking a beating after the meeting this afternoon. Didn't expect to see GST at these levels.
Oil is up over 10% and BBEP looks like it is going to close red. Something's just not right here. I don't know if it is the looming financials due out on the 29th, or the inevitable delisting notice that everyone knows is coming. The preferreds are up over 14% and the commons are red. Afraid we will see new 52 week lows soon, or worse yet, it goes the same way that LINN is going.
For the short term, the elephant in the room will be how much longer the commons will get the divy. You know what will happen to the pps when it is suspended. Only question is...when, not if.
I think so too, only it looks to be a triple bottom for the few I,m looking at.
If OPEC and the Russians could work out a production ceiling that would keep the supply in check, I would feel better about the divy surviving. It doesn't appear that the two can come to any agreement so the current cash distribution could wind up being supplanted with units or just completely done away with. Hard to tell at this point. I'm sure the money that was going towards the common units divy is now being funneled to the preferred and, I hope, towards some debt. I have been staying away from some others paying a divy because when they stop or suspend them the pps will tank. This is the reason I jumped into BBEP after the fact. I just jumped a little to soon.
It is a monthly divy at .1719 per unit.
I have 86 oil tickers in my watch list and BBEP is the only one that closed at the lod. 95% of them closed green, while BBEP went down 9% and the preferred went down 7%. The preferred are still getting a divy too. I thought my DD on this one was pretty strong, but I definitely missed something.
The BK is here just as I thought. Not much left in her now. Still don't know what Kent is doing here. This will wipe out existing shareholders.
As you have already stated, the Saudi's, as well as the Russian's, are hurting from the low prices of oil. Both economies are heavily tied to oil and it would appear that OPEC, meaning the Saudi's, have blinked first. However, without some cooperation from non-opec countries, mainly Russia, then OPEC will continue as is. The two met last month and were unable to come to some kind of compromise. Russia was unwilling to commit to any production cut-backs. There was a segment on NPR today about how the Russian people are reacting to the current economical recession, and it appears that Putin is still in favor and that most of the blame is being laid on the door step of their minister of economics. The propaganda that comes out of the Russian machine is just amazingly brain-washing. When their economy comes tumbling down around them, maybe then, the people will come to their senses and realize what the rest of the world already knows.
The API report came out at 4.30. If you look at the futures chart at 4.30, oil fell big time. The API report was forecast to 3.5M, but it actually showed 11.4M. That's an increase of 7.9M! The EIA report is due out tomorrow at 11am and it's probably going to look very similar. Expect oil futures to head back down into the mid to upper 20's. It appears that OPEC is prepared to play ball, but Russia doesn't appear to feel the same, at least for now.
Speaking of charts, it would appear that you may have called NXTD spot on. Sure looks like it's wanting to slide to the 50ma. Looks to be a good re-entry point.
Saw that. Was red then...BAM.
I hope they are all green next week.
BBEP also hit a double bottom yesterday.
I agree 100%. I still think in the short term, and I mean very short term, we will see 25 maybe 24's. If and when that happens I'm doubling down on my positions. GLTU and all Orions.
I tend to agree with everything you say regarding the Saudi's and their current cash burn. They are biting off their noses to spite their faces but they hate Iran, and for that matter the US shale business, so much that they may be willing to bite off a lot more than their noses to hurt them financially. I too expect OPEC to start applying the pressure, and heavy, to cut back production, but since the Saudi's practically run OPEC, this could linger on for the rest of this year. I hope not, but it wouldn't surprise me one bit.
The API report came out a little while ago at 4.30pm. The forecast was for a 2.9M build up but it shows a 4.6M build up. Inventories are on the rise and demand is not keeping up. Looks like $25's are coming. The EIA report comes out tomorrow at 11am and the forecast for that is not looking good. This is going to be a long ride. Your BTE bounced back nicely from the low of 1.08, as well as BXE, up .16.
Set new 52 week low at 28.07! Think that's the lowest since 2002-2003. If the EIA report tomorrow shows an increase in distillates, which it did big time last week followed by a 5.5% drop in oil price, then the 25's will come quickly.
That works for me. Would love to see it, but this whole Iran situation is acting like a big anchor dragging the oil sector down.
You could very well get your 750 today. WTI is heading to 27. Depending on what the inventory levels are, this could easily hit 25 by tomorrow afternoon.
The API inventory data comes out today after the close. The EIA inventory data comes out tomorrow at 11am. This information will determine whether there is a bounce or not.
Yes, I can assume that they are generating revenue via the Fluent acquisition, but I have no clue as to their IDcore business. That, it appears, is not going as planned, hence the filing. It would appear others feel the same. Not really sure to be honest with you.
Hope all is well Joe. Very tempted to get back in at this level. Never anticipated it going this low. I was targeting the 5.15 area but it blew past that. One of those times that I was glad not to have had a GTC order in place, which ironically is what put me into this play back when it was tiger. Feel like I'm coming full circle with this ticker. GLTU.
IDI. On watch for potential pincher!
Lets see if the large bid at .50 holds throughout power hour. I have seen huge dumps during the last 20 minutes a few times recently.
I posted earlier about how big the short is in oil. We have not seen bottom yet. The shorts will easily push this into the lower 20's. When, not if, this happens, I'll feel more comfortable about calling a bottom.
W.B. is buying large chunks of Phillips 66. They are heavy into refineries which are benefiting from low oil prices.
For months all we have been hearing is how weak China's demand for oil has been. This, along with the supply glut, has been the leading factor for the decline in oil prices. This morning it is revealed that China's demand, in fact, hit a record for 2015. Oil prices surged, briefly, and are now heading back down. Oil futures are being heavily shorted, and I mean heavily. I wouldn't expect any decent bounce to come for quite sometime.
Lol...Not likely.
Ha! It even shows up in the trade's tool in Ihub.
Does anyone else see the 25 share buy at .50? It's showing on my Schwab tape. A 2,122% percent increase. Lol
You bet. Would like to read your opinion on it at the very least. Thanks.
Have you looked at BBEP. Debt is manageable and their hedges are decent going to 2018. Recent buys by insiders is encouraging too. It has been beaten down badly during the last month.
Iran will be the catalyst going forward. Oil could easily hit 24-25 area. I'm looking at that range for a possible bottom.
Oil could easily see 24-25 range. Iran will be the tell. They hate the Saudi's and will pump as much as they possibly can just to spite them. The sanctions could be lifted as early as this weekend. Will be interesting to see what unfolds during the next couple of weeks.
Closed at the lod while oil is bouncing nicely from the lod. Kind of the inverse effect. Nice tree shaking.
Heavy selling, and no bid support on the only day in a long time that crude is in the green and even surpassed brent. Not looking good for the short term or the long term for that matter. Need some positive news from the company. They have been as quiet as a mouse.
I removed my GTC buy order at .48. This could crash right through the .40's. Heavy selling today.