True logic in this situation is thrown out the door, but I agree logically it will test the lows again barring a catastrophic event pushing the price back up. No one can call the bottom, just as no one would have guessed it would be under 50.00, 8 months ago.
I wouldn't doubt it.
Despite what the energy permabulls say, we are in unchartered waters.
There is no reason logically that oil will go up from here.
There is also no reason logically that oil will go down from here, after all it has already gone down.
Much of it is in the hands of the traders. Today the traders were bearish. The last 10 days, they've been bullish.
I think it will go down. Why ? Supply v. demand. But that is logical, so I will likely be proven wrong.
I was posting the past few days to watch for a possible inventory build and CLR is down near $5 from $48 plus in the last two days. I think the momentum of the oil trade has flipped and we could see a retest of the $42 area again. I'll be watching for the $40 area on CLR to start getting back in.
The biggest deal in the cannabis space so far this year? SRNA is at the center of it and could go all the way back to $8
and I could be wrong I think you may see a pull back in the oil trade. I think you see some profit-taking either late today or early tomorrow in anticipation of the inventory numbers again. If there is another big build let's see if the trade moves higher or hits the wall it should be interesting. This inventory number could move oil to $55 or $45 possibly.
expected another big build in oil inventories in Wednesday's report..
Big snowstorms make people stay home & not go to work or out at night.. that means a lot less gasoline getting used. (obviously that wont show up on Wed, just sayin.. soon it will. )
no, he is right. who knows the exact time frame but world demand will grow and the supply glut will get eased off. couple that with the fact that almost all the big oil companies, medium ones, and small ones are halting projects. overtime, this could actually lead to a big supply shortage in the next few years or sooner as these projects will take time to ramp back up and either way, long term, oil will rise back up. it could go down first, and stay for awhile, but many long term investors that have patience know there is a lot of long term value in many energy stocks today. clr will have a rough time but they will survive and for the future, they are sitting on a lot, a huge amount of oil in the land they own, future technology will make more of the oil recoverable and more efficient to recover. their reserves will grow for decades.