Bought more this am
have 2 additional orders in
@40.97 and 40.12
Cushing- Inventories Rising weekley
Saudies- Pumping and drilling more oil
And 3rd and most important Point!
My gut says, Oil is way over priced.
Or maybe it was the Chili from last night Lol!
Either way I'm In for Now.
Have a good morning all
Well...now ain't this special? WTI breached 108 today and it looks like this train could go right on up. Remarkable flaky trade right now. There is the speculation play, the commodity elevation play, the geopolitical play, the rising economy play, the 3rd nation inflation curb play, the drilling restrictions play, etc., etc., etc. However, nobody that I have seen is talking about a supply restriction play. I'm sticking with the methodology and doubling down on my SCO when/if it hits 112.
That's a bunch of rational reasons to load
up on SCO at some point, when /if the market
makers,investors,end users Decided the price
is to High Lol!
I hope it's soon. For me if we hit 112 The next
move is like a Hot Air Balloon Drifting Higher
but at some point coming down to earth! Or
95 US Dollars.
Have one nice Evening All!
chem,don mjff and others
You guys do a good job on fact finding,
charts, Direction of commodities, and
I still think we go down in the price of
crude, but this trade is not acting in
a rationale way IMO Lol!
I hope you guys Hit for a High Average,
on this one! for me still stuck with a
loss for now in SCO
Have a nice evening all!
have egg on my face this morning.
I guess it was blind luck that i wasn't watching oil in the final hour of trade, I would have went short and had my head handed to me.
Nothing to say other than oil made the attempt after my post to go lower but was denied and put in a tripple bottom in a 5 hour period.
The bearish case weakened considerably when oil got above 108.19.
There is certainly no "egg" involved in your call. The problem is that the crude trade is unstable right now. In fact, I'd be better off most of the time doing just the opposite of what my logic tells me right now.
Glad to see oil acting normally again, which is to say completely ignoring the fundamentals. Oil inventories up again, but crude goes to $109. Whatever!
I heard that the speculators are now long an amount equal to the entire SPR (726 million barrels). With that big of an imbalance you have to wonder how many more traders can pile on before they run out of greater fools, and the massive bubble bursts. The bull's excuses grow less believable by the day.
Does this mean that some folks expect to hear that popping sound in May? Gasoline future nose diving .84.
In other Nymex trading for May contracts, heating oil added a less than a penny to settle at $3.1912 per gallon and gasoline futures lost 0.84 cent to settle at $3.1929 per gallon. Natural gas fell 8.5 cents to settle at $4.146 per 1,000 cubic feet.
I bought a few shares yesterday. This is one tough ride. The speculators are in charge. Since the storage is almost topped off, MJFF is having offers to fill is lined pools. :) Might wait till closer to $117 to bite a little more off. The quicker they shoot it up, the harder it falls.