You’re all so quick to withdrawing from environmental accords made in Paris or show support for archaic jobs in west virginia shoveling for coal, but how about the good and honest deep water driller? How about the men doing horizontal drilling by way of fracking, trying to scrape enough meat together to make a stew for his family? Those men are dying now — as the price of WTI collapses and their share prices dive even lower this year — now down by more than 35% for 2017.
Tell the workers from CIE, whose share price is down a swift 78% this year, that their kids will have to do without money for the foreseeable future because you felt the country needed more solar panels instead of his companies oil.
I’m back to watching debt/eq levels again. Right now there is approximately $278b in oil and gas debt, associated with share prices with debt/eq ratios higher than 2. It isn’t all that much anymore, considering that the market caps for cryptocurrencies is now in excess of $100 billion. Nevertheless, the entire fate of western oil production might depend on it.
Just 43% of stocks are higher today; but all that counts is the final tally — with both the Dow Jones and Nasdaq barreling towards fresh record highs.
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Last weeks huge draw saw basically nothing in terms of gains. This weeks build sends crude out 5%. Fucking cancer.
If that is not the hallmark of “manipulation” I honestly do not know what is.
I love it. The oil market has been completely irrational for far too long. It has ignored all the production capacity and supply numbers in favor of efforts by an impotent OPEC to control prices. Oil should trade down to the $30-40 range where the fundamentals say it should be priced at least until the pesky marginal shale producers get washed out.
I hope you’re shorting
I just don’t understand how the rig counts continue to grow despite knowing that the any one pumping oil in the middle east is a fucking liar and needs to pump oil to keep those on the government dole with free money. I would like to say we will see the benefit at the pump but with state and fed taxes taking up almost 35% the price of a gallon of gas I doubt it.