Wonderful companies like ORIG, BBEP, sex with REXX led the market higher today, on news that Russia and the Kingdom of Saudi Arabia agreed to freeze oil production at all-time highs. As noted late last week, the only country that is truly cutting back on oil production is the United States. The House of Saud has never drilled more. Putin’s Russia has never been so prolific in the production of crude.
But they’re going to freeze at these levels, which should provide succor to an otherwise greatly oversupplied market–one that forces companies to store crude in tankers indefinitely.
Italy announced their $5.7 bill bad bank scheme, which was greeted with creme pies to the face.
Today was all about oil and energy stocks. The oil and exploration sector trounced higher by 9% today. Nothing else was impressive, aside from the 1% bounce in the finnies.
I’ll leave you boozehounds with one last item of curiosity. It should come as no surprise to any of you that oil is flagging overbought by Exodus. Inside of the platform, one is able to view said levels through a proprietary oscillator. Here is it is, spread eagle, for all to bemuse themselves with.
You know they are forcing candidate A on you? Right? How is forcing higher stock prices any different… So after 2 gap open attempt fails they got you with oil. (l)(o)(l) Forcing the red candidate on you is not in your best interest or what you want just as the blue candidate they are forcing on you. How would the forced 8 week higher stocks of which 4 may have been a normal rebound be – much – different
But they’re going to freeze at these levels, which should provide succor [NO HOMO] to an otherwise greatly oversupplied market–one that forces companies to store crude in tankers indefinitely.
long 10 oil & gas – 44 positions total. hee haw
“Up to 15% off today only!” = we promise not to reduce prices by more than 15%
“Freezing production” = we promise not to increase *nor reduce* oil supplies
+15% move in one week based on a rumor by two untrustworthy countires, and even if said rumor was true the supply excess would remain for several months.
I went short oil today and will probably profit this week or next when people are once again surprised when US oil and/or gas inventories increase.
Lol. The Fly is slipping.
Meant that as a tongue n cheek reply to Braveflaps.
the Fly remains readable despite being cranky. I think the oil is running now.
The cross hair view finder on Coyote’s rocket is funny.