^1099
whos going all-in OIL at this point?
respeckt!
So my system (which is counter trend) told me to short at 41.47. This time I not only had the guts to take it, but even more challanging for me, hold on to my full profit target. I did it! (I grew a pair) I promise I won’t go all PA on you guys. I’m just really excited right now! What an adventure.
never happened
OKE, PAGP, and TRGP
I suppose I deserved that…
doesn’t change the fact that it DID happen. YES!
I was long oil from $38 via uwti, but I’ve closed it today (about 10 minutes ago), and took a short position from $42.53. Right now oil is trading at 42.75, so I guess my short is losing a wee bit of money.
You were long over last weekend!? That took some moxy. Don’t tell me you weren’t nervous when they announced Iran was not even showing up. Stressful weekend for you? 
Next up, $50/bbl. There is no supply cushion folks. If an Arab gets indigestion oil could really breakout. Kuwait drops it’s supply and look at the impact (muted, because of the negative from Doha). Another 1 million a day offline and we are at $50.
Everybody is maxed out. That’s what service industry people on the ground in the respective countries are saying anyway. Can’t just turn a valve at this point.
I’m only using about $2500 USD, so it’s not like I’m betting the farm. To be honest, I was looking for a short entry point since about $34, but it kept going up, even with continued inventory builds. Sentiment alone kept pushing it up and I thought “well, the market has made up its mind - oil is going up no matter what”, so I went long. At this point though, enough is enough. We’ve rallied from a low of 27 up to 42 now, and we’ve got record inventories with shale output holding stronger than anyone would have imagined, and Iran/SA are pissing on each other with increasing regularity. Moreover, the demand situation is not picking up the slack. With continued builds and this market share maximization mentality among producers, I think the rally has to stop somewhere. But we’ll see, I don’t have enough conviction on the point of view to bet more than a couple thousand dollars, and this is what this is - it’s a gamble, not an investment.
Also, I was long from 38 (I opened it in mid march), so that position was in a loss for quite some time
How are you trading this skyfairy?
ya, I posted my trade a few comments above - i closed my long at 42.50 which I entered at 38 in mid march. then immediately went short, and that was today. it went up to 42.85ish like right away, so obviously I could have timed my trade a bit better, but I can’t complain since right now I’m squarely in the green with oil down at 41.80. I don’t have a target price, but I’d like to close the short at somewhere under $40.
I’m using dwti to short btw, only 20 shares though - it’s a little outside my risk tolerance to gamble with more than that. I freely admit that I’m gambling for the entertainment of it
woohooo!
“oil falls on end to kuwait strike”
^Not by much, and the oil stocks are up.
whos going balls deep with midstreams?
Ya, my short is losing some money again - even though there was an inventory build, the market is still sending this thing up.