iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,617 Blog Posts

OIL IS UP MORE THAN 4% TODAY YOU BRAINLESS MORONS

Yet here I am gawking at oil related stocks trade down. Truth be told, only one of my 5 oil stocks is lower, which SLCA. However, BALT should not have a 2 handle. It deserves better than this.  Aside from my own positions, there is a slew of names down over 30% over the past week. Here are some names.

EXXI -52%

GDP -51%

MILL -47%

NADL -45%

FST -43%

SSE -41%

SFY -41%

EOX -41%

SN -39%

OAS -37%

I can go on. This is as bad as you will ever see it. The pin action in the oils, over the past week, rivals the worst days of 2000 and 2008. Naturally, the world was ending back then and other stocks fell too. But to endure 30% drawdowns in dozens of quality energy names is, frankly, unbelievable.

Leverage is a powerful drug. Some people smoke too much.

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13 comments

  1. prometheus

    We don’t have to call a bottom here, but we can certainly get a powerful rally seeing how much much and how fast these names are down. If you were to buy ONE oil or gas stock, which would it be? My favorite here is NBL, what’s yours?

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  2. Mr. Cain Thaler

    BAS is down another 10%. BTU and VOC are down 7%.

    Looking all the names that were off 50% on Friday, today is the rot that follows the corpses.

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  3. the shiek

    Sold off my Unisys this morning to deploy into Key Energy…Great riches or a fortune cookie wiith 0.00 awaits

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  4. fryguy15

    FLASH: EXXI causes brain cancer!

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  5. smartestone

    today was some bad. dash to cash

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  6. snoozemr

    added to my GLNG with the upcoming 12/3 ex div. Haven’t touched the shippers in years (with a few divy capture exceptions) and generally dispise them but will keep an eye on SFL with that hudge QD but exdivy not til 12/10 so held off today in the hopes it drops lower. Sold my OIL position that I bought on Friday. Planned on holding longer but nice one day rebound.

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    • Po Pimp

      Fredriksen will destroy GLNG like he does every other company he touches. These entities are nothing more than fronts for him to use to convert bank loans into dividends that go straight into his pocket. Bag holders be damned.

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  7. thegametheorist

    The sheer fuckery that transpired today has me writhing on the floor like the same pre pubescent posterboy I once thought I’d overcome.

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  8. thegametheorist

    At least if I lose all my moniez, I’ll have long term capital gains on gud English

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  9. thegametheorist

    Fly, do you still own SSE? If so, would you advise against opening a new long here?

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  10. rangersfan

    No doubt the TPTB want to get crude to test the low 60s high 50s to see the reaction from related stocks, and bonds. Trading desks need volatility to juice those Jan bonuses

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  11. steak

    I’m a refined products broker, and subsequently know a good amount of crude traders. Colleagues today were saying that today’s rally was more so the result of speculators buying back short positions, which were opened going into the OPEC meeting on Thurs. At least through their view. Their short term bottom was/is 63.50 for WTI… but they’re thinking there’s still a good chance that we go lower than that in the mid term. None the less… the volatility in heating oil and RBOB futures brought physical markets to a standstill all damn day.

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  12. pipeguy

    @steak Thanks for your insight. Please keep it coming.

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