iBankCoin
Joined Jan 27, 2008
7,267 Blog Posts

I Bought Oil

It’s a very unpopular thing to do these days, but I decided to take a stab at $USO today. This is the ETF that tracks the price of oil, so it is a pure play on the commodity price. I was hoping to get one more washout, but decided to plant my flag here in after-hours.

Trump wants to get this country open, $BA is going back to work, $GILD gives us hope, and stubborn short sellers have all been executed. Long live the USA & Black Gold. Let’s see how this double bottom plays out.

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7 comments

  1. James

    What’s your plan for it? Looks like shit.

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    • RaginCajun

      Had I waited to buy, I would likely be buying here.

      Not backing away from it down here.

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      • Jason

        Yeah I’m thinking if there’s anything due a Trump pump, it’s oil. At new lows this thing seems ripe for some government intervention. Maybe a surprise production cap from the Texas Railroad Comm. There’s definitely urgency.

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  2. indie

    yes. been buying some names for the last 2 week.

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  3. James

    Question: Is it even possible to make money on USO when the front-months are substantially lower-priced than the following month like now? Seems like they will lose a substantially percentage each time they roll-over to the next month as the next months prices naturally move closer to spot. Which begs the question, is USO the greatest short in history?

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    • Jason

      Well I had this right though I didnt make money off it. Front-month futures went negative and the following month soon collapsed maling USO one of the best shorts ever with a quick 40% drop the last 2 days.

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  4. snoozemr

    not a good date and time to have bought the commodity. WTI down near 15 a barrel because of current situations and the options expiration. Although an almost 13 point spread with Brent at 28. So if the crack spread doesn’t narrow it will make for some interesting trading tomorrow.. If WTI somehow goes lower, (towards 10) it (USO/gUCO) will become an enticing buy itself. Can’t imagine it getting close though.

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