Just published yesterday
Oil prices are beginning to rally above 4% this afternoon as another 13 rigs were removed from U.S. oil fields this week, Reuters reports. The data released on Friday showed this is the biggest rig drop in four weeks.
So couple that with LNG going online and prices will rise. Australia could be a bummer on exports is what you need to worry about. If not this is a winner
I would not be backing up the truck, but I currently own 2,500shs at 15.51 and plan to double. This is at minimal a 30pps stock and fairly a 40pps, LNG needs to kick in, nimble, nimble. GLTA
Energy is a buy at these levels, here is what the poster was referring to:http://finance.yahoo.com/news/plateauing-rig-count-fall-does-143343471.html;_ylt=AwrC0CNZ62VVCzMAcE.TmYlQ;_ylu=X3oDMTByMDgyYjJiBGNvbG8DYmYxBHBvcwMyBHZ0aWQDBHNlYwNzYw--
Was still working rigs out of service. Overall four of five bits are needed just to maintain production . To have an almost 50% reduction will normalize pricing. Need to get past OPEC's next downer of a meeting, prices will drop then recover as most are predicting in the second half. Saudis are bleeding their cash reserves, will not last too much longer, they want to see consolidation.
Do think oil will retreat as production has not been cut enough, also with the recent rise companies are starting to complete more wells that before laid dormant.
Rig count is still at all time lows for the year, I read last year 4 of 5 rigs are needed just to maintain production, inventories will drop will, unless all O & G companies get crazy and start to ramp up production. Also will be interesting what OPEC says in a few weeks, will the continue to cut off their nose to spite their face? Probably will for rest of this year before they start cutting.