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Oil and gas getting a beat down

magicskyfairy wrote:

igor555 wrote:

my buddies laughed at me 6 months ago when i told they were dumb buying UCO, saying oil cant go lower and will eventually go up

It’s hard to get the calls right. I starting long at 50, and it went down to 48, so I switched and went short. then I held my short until 39. Then I went long at 40 and held that until it was back at 50. then I was dumb and added to my long position thinking it would go to 60. Then at 40, I had eaten some losses, and I’ve been holding short ever since then, and well into the green now with quite a bit of turbulence. I plan to hold short until I see a significant number bankrupt oil companies - like full on chapter 7 - not the the chapter 11 stuff where they still make oil, I want them to burn before I consider going long cuz the saudis, the Iranians, and the russians… they got nothing to do but pump oil all day, and it’s just sitting in the ground. this gets worse before it gets better. I’m also long on HED, which is a levered short on canadian oil companies, mostly suncor.

impressive perseverance!

(TIP:  next time you are at the pharmacy stop by one of those DIY blood pressure stations.  Give yourself a check wink)

..........I learned the hard way last year what exploding delta feels like when you are short and naked

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This is hilarious, I’m enjoying this oil price crash. Let’s see if we can get to the 20s!

Palantir wrote:

This is hilarious, I’m enjoying this oil price crash. Let’s see if we can get to the 20s!

Canada hates you.

"You want a quote? Haven’t I written enough already???"

RIP

What’s amazing is two years out, oil is trading in the low 40s, and three years, mid 40s.

“Our lifeline is CO2 emissions. Don’t let them decline.”

Ghibli wrote:
What’s amazing is two years out, oil is trading in the low 40s, and three years, mid 40s.

Hence my short position against the canadian oil industry. they can’t survive on that - they’re going to get crushed.

Ghibli wrote:
What’s amazing is two years out, oil is trading in the low 40s, and three years, mid 40s.

Look at the inflation adjusted price chart from the 80s.  A lot of my buddies think oil’s recent prices are what it is worth, but of course it is not a free markets.  Things now are closer to a free market than they’ve been in a while IMO

LMAO WTI touching 28.

Crazy stuff! 

We’re gonna win so much, you may even get tired of winning. And you’ll say, 'Please, please. It’s too much winning. We can’t take it anymore. Mr. President, it’s too much.' And I’ll say, 'No, it isn’t!' We have to keep winning!

"You want a quote? Haven’t I written enough already???"

RIP

Alberta rating getting crushed

schlumberger cuts 10k jobs

"You want a quote? Haven’t I written enough already???"

RIP

^ Alberta’s rating getting crushed has as much to do with the dumb socialists the bottom 35% elected as it does oil prices.

“I can no longer obey. I have tasted command, and I cannot give it up.”

geo wrote:
^ Alberta’s rating getting crushed has as much to do with the dumb socialists the bottom 35% elected as it does oil prices.

How so? Under the NDP expenditure growth has slowed for the first time in recent history. Tax levels are below Ralph Klein days, they’re not touching oil and gas royalties, and the Canadian Association of Petroleum Producers is happy with the government’s stance.

^ Expenditures should be declining right now. Alberta has, by a huge margin, the richest public service in Canada and much of the world. Time to scale that back. Instead, they keep spending along.

Huge deficits can’t only be overcome by taxing more. Eventually the public service needs to feel some pain too.

I do applaud them on the royalty front though. It was a good decision.

“I can no longer obey. I have tasted command, and I cannot give it up.”

geo wrote:
^ Expenditures should be declining right now. Alberta has, by a huge margin, the richest public service in Canada and much of the world. Time to scale that back. Instead, they keep spending along. Huge deficits can’t only be overcome by taxing more. Eventually the public service needs to feel some pain too. I do applaud them on the royalty front though. It was a good decision.

Seems kind of odd to me that one would complain about the “socialists” not rolling back a bloated public service fast enough, rather than complaining about the people who actually created that bloated public service.

^ Both were idiots. I wasn’t a PC voter either.

And public sector employment growth is still ramping up, even though we aren’t seeing much growth in our province. Why?

“I can no longer obey. I have tasted command, and I cannot give it up.”

Thank you OPEC.

We’re gonna win so much, you may even get tired of winning. And you’ll say, 'Please, please. It’s too much winning. We can’t take it anymore. Mr. President, it’s too much.' And I’ll say, 'No, it isn’t!' We have to keep winning!

It had to happen. Aramco needs higher prices for the IPO.

It’s going to be drill baby drill now though. If they failed to reach a deal, then I’d have expected lower prices to start off with, inventory draws in a few months, and then back to mid 40s. Now there’s going to be a glut situation once again, so today’s 8% pop will likely get dragged down. 

My portfolio likes this. Major hacksaw on the part of OPEC. Could have used this opportunity to cut govt spending and get off oil’s teat but whatev.

OKE, PAGP, TRGP brosyes

"You want a quote? Haven’t I written enough already???"

RIP

All the action started during my trading session last night and even the Bund traders were like… hey! check out crude!.  I couldn’t trade it because the volatility was more than my risk level could handle (volume gets high, book gets thin).  Looking forward to trading it tonight though.    Today’s later action is likely to be re auctioned.  That’s what I love for trading….. new levels, re-testing.

..........I learned the hard way last year what exploding delta feels like when you are short and naked

OKE PAGP BROS

geo wrote:
$35 handle. Time for me to start really worrying now. This is really really bad.

Geo, where you at man?

need you to call another bottom

"You want a quote? Haven’t I written enough already???"

RIP

"You want a quote? Haven’t I written enough already???"

RIP

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