All eyes on crude here. This could really ignite the day. I’m going to buy another leg of $UWTI here if we start to see a move out of this wedge.
More later,
OA
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Joined Aug 2, 2009
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Oil Inventories super bearish. I don’t think it matters.
Oil Inv 7562k vs 2355k expected and 3073k last.
Only thing bullish is small reduction in production. Other than that bearish. Pulling my UWTI order and looking to short a stupid bounce into 2:30 OpEx.
You guys realize that the industry expect inventories to build through the next month, right? This should be more or less priced in assuming you think oil markets are efficient (highly debatable IMO). See slide 16 of the attached presentation from PAA, one of the largest midstream companies in the US… http://b2icontent.irpass.cc/789%2F162925.pdf?AWSAccessKeyId=1Y51NDPSZK99KT3F8VG2&Expires=1444927992&Signature=OsitmHgh657VkTJkkHiyS0mQGac%3D
These day traders don’t understand how many deep rigs are coming online and how much oil they produce. For instance 50k Bbls / day on Hess’s new Tubular Bells.
Not news unless you can build a deep rig and get it online in one day.
Takes 5 to 6 years from reservoir description to the first barrel coming out of the ground.
Down goes oil, down goes Frazier …… you get the picture. But seriously I I’d take a short term long into opex at 2:30 @ UWTI $10.30 if you are so inclined to gamble. I may do that for fun.
10th times the charm for longs i guess
10th time? What are you talking about?
don’t worry. Not talking about you. Just metaphorically speaking that crude bulls have been burned so many times.
I would love to see oil rally just to lift the overall market. I feel the market really wants to explode higher but hard to do so with oil dropping so fast at times.
Long crude futes here @45.37
Bot UWTI @ 10.38 as a hedge against short position. Thus particular Algo is a bitch, but he/she may allow the double bottom at 10.30 to stick. Algos are probably androgynous! LOL
https://vine.co/v/eEMX7ZteQLj
bot BCEI
Why, haven’t they reduced production in the Niobra?