CRUDE OIL ERASES POST BREXIT LOSSES

Business as usual gents. The House of Saud is very much delighted by the recent upturn in crude oil, as they shop around Aramco for an initial public offering to all of the world’s best investment banks.

Crude oil snapped back like a catapult, thrusting prices higher by 4%. As WTI nears $50, traders are getting increasingly greedy.

Some of the favorite stocks to play are in the fracking space–because no one is doing it any longer– and hope springs eternal. Shares of HCLP, EMES, SLCA and FMSA are ejaculating higher.

There is such joy, such pleasure, in the oil and gas space, one would hardly believe this was a sector rife with debilitating debt loads, burdened by a commodity in decline, and strangled by psychotic domestic regulatory bodies just a few months ago.

Sadly, over the past week, oil stocks are down 5.5% on the median basis–despite the commodity roaring back. No worries. With today’s 3% gain and the specter of the whole BREXIT vote being something of a bluff, not to be taken seriously, I am nearly certain traders will give it the old college try tomorrow and the days to come, to press energy stocks to new highs.