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OPEC Meeting
Posted on 11/30/16 at 5:31 am
Posted on 11/30/16 at 5:31 am
Oil up over 6% at this time based on outlook that a deal will be agreed on!!
Posted on 11/30/16 at 6:34 am to MotorbikeMike
Same thing happens every few months.
Posted on 11/30/16 at 6:59 am to bayoubengals88
Yep. Oil speculation is absolutely just that. Filled with massive collusion too. Demand has to drive the market. This fake little rallies will just be sold until demand increases.
Posted on 11/30/16 at 8:47 am to TigerDeBaiter
But, will demand increase?
Posted on 11/30/16 at 10:23 am to MotorbikeMike
Agreeing to deals is never the issue.
1) Will demand be where it needs to be?
2) Will the countries actually follow the rules?
OPEC is a den of thieves. They can't and should not trust each other. It was much easier for them when they were the only game in town.
1) Will demand be where it needs to be?
2) Will the countries actually follow the rules?
OPEC is a den of thieves. They can't and should not trust each other. It was much easier for them when they were the only game in town.
Posted on 11/30/16 at 10:34 am to MotorbikeMike
MRO up around $18. bought in right under $7.
Posted on 11/30/16 at 10:36 am to MotorbikeMike
Another run up on OPEC deal speculation. I'm hopeful, but, even if a deal is struck I'm skeptical regarding the member countries sticking to the deal for more than a single week.
Posted on 11/30/16 at 11:01 am to steamengineRR
Me too
Also bought cop at $35 and WLL at $6. Making bank this morning.
Also bought cop at $35 and WLL at $6. Making bank this morning.
Posted on 11/30/16 at 11:20 am to MotorbikeMike
COP up 10.3% right now.
HAL up almost 13%.
HAL up almost 13%.
This post was edited on 11/30/16 at 11:46 am
Posted on 11/30/16 at 12:08 pm to steamengineRR
quote:
MRO up around $18. bought in right under $7.
You putting any stop losses in place if so what is your target for these?
Posted on 11/30/16 at 12:55 pm to tigersnipen
The stop loss for any of those oil companies listed above should be based on oil price. These companies move hand-in-hand with the price of oil so the time to move out would be around the $(75-80)/bbl on the WTI. For the time being, just let it ride. Don't even look at it on a week-to-week basis.
Posted on 11/30/16 at 12:59 pm to BOBERT
Exactly. I'm in it for the long haul or until oil goes back up to the prices you indicated. I've already doubled my initial investment that I put in in January.
Posted on 11/30/16 at 1:06 pm to LSUEEAlum
Same here. I've been all in since 1 1/2 yrs ago. Just now starting to reap the benefits but what a lot of people don't understand that aren't in the industry is that this is just the tip of the iceberg for rebounds. Don't read the articles that come out on a day to day basis. It's simple business logic. All budgets are agreed upon at the end of the calendar year. If oil prices are down, CAPEX will be limited which means less supply for the next 2-5 years. Remember, this all SHOULD be supply and demand driven but it seems like this market is moving on headlines as of recently.
Posted on 11/30/16 at 1:47 pm to BOBERT
except that a lot of the wells that are offline come back on when prices get to a certain point.
Posted on 11/30/16 at 2:05 pm to thatguy777
If you're talking from an OPEC side, yes. All other oil companies (non-OPEC affiliated) produce the maximum amount of oil possible. To SI a capable producing well due to oil prices is a business model I've never heard of... That's like saying you stop flying airplanes until people decide to pay more to fly. Market share is only a major deciding point for the OPEC guys. The only way a company would do that is if they are unwilling to allocate the funds for a workover, then bring the well back online.
Posted on 11/30/16 at 3:36 pm to steamengineRR
quote:
MRO up around $18. bought in right under $7
Im in at $9. really thinking about selling and buying back in when it drops again, as predict it will drop then rise again, as it has been for the last few months.
I dont know anything about stocks, so is this a good idea ???
Posted on 11/30/16 at 3:52 pm to MotorbikeMike
My company's stock went up 44% today. Seems logical
This post was edited on 11/30/16 at 3:53 pm
Posted on 11/30/16 at 10:40 pm to Paul Allen
quote:
But, will demand increase?
No Clue Paul. I think it will, but wth do I really know.
The drawback is there's a lot of production on hold that has the potential to re-enter the market and pick up this mythical slack OPEC is promising.
We also seem to be finding massive oil deposits more frequently, so who knows if we'll ever see $100+ per barrel.
Posted on 12/1/16 at 2:45 pm to MotorbikeMike
Market is lil' jumpy as usual, it's like they don't read any details.
The deal will go through if non-OPEC (Russia) agree on a cut next week at their meeting.
But OPEC is making a cut on an all-time high rate of production. So in reality they are just pretty much cutting back to what they were producing earlier this year, and that was a lot.
Overall the price will go back up when stockpiles still don't decline in large amounts. They are declining but slowly. Only lost ~900,000 bbls of stored oil last week. This deal is just to save face, but may have a slight affect on the market next year as demand rises.
The deal will go through if non-OPEC (Russia) agree on a cut next week at their meeting.
But OPEC is making a cut on an all-time high rate of production. So in reality they are just pretty much cutting back to what they were producing earlier this year, and that was a lot.
Overall the price will go back up when stockpiles still don't decline in large amounts. They are declining but slowly. Only lost ~900,000 bbls of stored oil last week. This deal is just to save face, but may have a slight affect on the market next year as demand rises.
This post was edited on 12/1/16 at 2:47 pm
Posted on 12/2/16 at 7:43 am to MotorbikeMike
I expect a short term bump in oil price, but that is all. Demand is relatively constant and supply still has capacity (kashagan, Libya, Iran, DUCs in North America...). That all even assumes that OPEC countries stick to the agreement.
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