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Started By
Message
So is oil double bottoming
Posted on 4/15/20 at 4:49 pm
Posted on 4/15/20 at 4:49 pm
or about to make a new low this week?
That is the million dollar question.
That is the million dollar question.
6
Posted on 4/15/20 at 4:55 pm to Lgrnwd
I follow USO and it is nearly back to it's low from last month. My bet is yes, oil will hit a new low before demand raises next month...or the next...or the next.
Posted on 4/15/20 at 5:01 pm to TheLSUriot
All of the oil stocks I am looking at are still well above their lows. So you would think either one or the other has a lot of catching up to do.
Posted on 4/15/20 at 5:10 pm to Lgrnwd
What happened to capitalism?
Posted on 4/15/20 at 5:12 pm to TheIndulger
quote:
What happened to capitalism?
Death by Covid 19
Posted on 4/15/20 at 5:18 pm to Lgrnwd
I tend to lean towards a double bottom. The economy is about to start back up and with the production cuts worldwide oil should start to go up.
Posted on 4/15/20 at 5:19 pm to Lgrnwd
Demand is down 30 million barrels/day. I think it makes a new low, but not sure how much lower it could actually go from here.
Posted on 4/15/20 at 5:21 pm to PotatoChip
I need Chevron to make one more drop like it did when this first kicked off.
Posted on 4/15/20 at 5:39 pm to PotatoChip
Theoretically it could find a bottom at zero. For a lot of producers it may as well as they’re going to have to shut in. Until demand picks up we won’t see anything over $20-$25 at the high end.
Posted on 4/15/20 at 5:45 pm to GREENHEAD22
Touche. I luv their dividend payments. Hoping that remains. Will buy more shares.
Posted on 4/15/20 at 6:20 pm to TigerDog83
Producers have already started shutting in production on their way towards 20-30% SI.
Posted on 4/15/20 at 8:34 pm to Lgrnwd
Back up right now. Trump has the financial criminals working on it so hold tight. Unless Putin gets ticked off and lowers it to $10/oz or triples production, nothing to worry about.
Posted on 4/15/20 at 8:45 pm to ColoradoAg03
Yes I know some has already started in bakken permian and powder. Probably migrating in the direction gulf coast refiners pretty soon. We will see how many purchasers force the shut ins.
Posted on 4/15/20 at 8:57 pm to Lgrnwd
Long term oil demand is going down on a daily basis and supply is going up...take that FWIW
Posted on 4/15/20 at 9:46 pm to thatguy777
quote:
Long term oil demand is going down on a daily basis
Link?
First thing I find on google says global demand is increasing even when factoring in for COVID.
LINK
Posted on 4/15/20 at 10:46 pm to bod312
quote:agree.
global demand is increasing even when factoring in for COVID
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