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SeaDrill Limited Message Board

  • depakchopra depakchopra May 1, 2013 4:31 PM Flag

    US Oil Inventory At All Time Highs...

    Back in December, I posted that Oil would drop in price to the $65 to $75 dollar range. Our Country is just pumping huge volumes of Oil out of these shale plays (especially the Bakken). Today, the US just announced the highest level of Oil storage ever seen in this country. I got bashed for even insinuating that Oil could fall. The only reason oil is even as high as it is, is because of speculators. I also got bashed for saying SDRL is a "Hold" and that better price points were coming. Well we've seen the $34s and I didn't add to my long positions there. We will have price points below $35 again. The market is well overdue for a pull back and commodities continue their sell off (The Canary in the Coal Mine). I love this company, but I am not foolish with my money. Be patient and continue to save cash. You need to be in a position to take advantage of the lows that are coming. Best wishes to you all.

3.09-0.02(-0.64%)4:02 PMEDT