^ do you have any idea how many times i’ve seen someone call the bottom on oil in the last 6 months? Also, Canadian production doesn’t matter, we’re tiny. Iran is gonna add more than anything we shut down, and the US actually increased production, per the most recent API report, that ironically, was released on the first day of the rally. by the way, that report also showed US inventories rose far more than expected, I think analysts called a build of 2.5 mil barrels, and the actual was 4, or something like that.
Already priced in. What new will drive it lower? – You should take a look at current capacity to increase production. In OPEC its at lows not seen since 2008. The slightest supply disruption can’t be offset. Yes there is excess supply in the market, but that next barrel doesn’t come cheap.
Just thought I’d point out this gem of a post. Sitting at $40 today, up 50% from the bottom. Good thing I put my money where my mouth is too… Been killing it the last couple months. Hope you bears cleared out your shorts.
Me too, bought quite a bit over the last year, when blood was all over the streets. Super majors were yielding crazy percentages. Can hold on for years if I have to, no rush. Cap gain tax is a *****.
You holding or lightening up geo? I’m waiting for the next idea (plumbing is all I got at the moment) but I’m content, if it drops, I’ll add.
I reduced holdings this week by about 20%. I imagine there will be some profit taking and then I’ll squeeze back in. I’m almost break even with where I started despite the drop from $100. Just smart averaging down and being opportunistic.
I actually went long from about $38, even though for a while, I was looking for a short entry point. I think the markets have just made up their mind that this commodity is going back up.