Oil longs are getting punched in the nuts once again as Crude oil futures fall back below $50. I’ve been patiently waiting for a dip to get aggressive in oil stocks ahead of summer driving & cane season (that’s hurricane season).
I’ve already started a position in $RIG, and will be looking to add some $APA & $WTI in the very near future.
Here’s a current look at the price of oil, breaking down below $50:
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