CL Redux

Quote from riskaddict:

are robots buying here who the hell would buy anything after that number?
More...

Probably, but we will break lower soon or later today. This is very bearish.......all the numbers where bearish on the EIA, we are in the highest supply level in many, many years, and Gasoline supply was up too, refinery utilization down......is the perfect storm for Oil to tank today.

I am selling again a 70.75.
 
Quote from mrbochin23:

My put option with strike to $60, look much better now:D .
I have as the last support at 70.35, if we break through it......se you at least at $65.
More...

Maybe, but keep in mind that below 70 many deep offshore rigs, shale, etc. start to lose money, so as some production shuts down, we should see some floor. Below 70 OPEC will start talking its book. Plus the odd storm. Also, later in the fall, probably more QE coming up.

Don't get me wrong, I'd love to see this thing collapse all the way to 30 and see Chavez grabbing his ankles, but I just don't see us falling much more (although I thought we'd be trading higher by now, so...).
 
Quote from Picaso:

Maybe, but keep in mind that below 70 many deep offshore rigs, shale, etc. start to lose money, so as some production shuts down, we should see some floor. Below 70 OPEC will start talking its book. Plus the odd storm. Also, later in the fall, probably more QE coming up.

Don't get me wrong, I'd love to see this thing collapse all the way to 30 and see Chavez grabbing his ankles, but I just don't see us falling much more (although I thought we'd be trading higher by now, so...).
More...

Picaso,
Something I learn from one of my best friend (former NYMEX floor trader) and from Mark Fisher arguable the best Crude Oil trader in the NYMEX, is that we shouldn't pay too much attention to OPEC, why?......because the OPEC first is not what used to be, and also because they cheat, they decide certain amount of output and 90% of the time, behinds every members back, extract more Oil, out of greed, of selling at the moment, besides we have all the signals that this market hasn't recover since 2008 crash, it all has been an illusion, to hold us for political reasons.
 
Quote from mrbochin23:

Probably, but we will break lower soon or later today. This is very bearish.......all the numbers where bearish on the EIA, we are in the highest supply level in many, many years, and Gasoline supply was up too, refinery utilization down......is the perfect storm for Oil to tank today.

I am selling again a 70.75.
More...

I agree but what confuses me is that we've known there is a ton in inventory and we know our economy sucks and who knows what to believe about China. What is priced in and what isn't?
 
You must log in or register to reply here.
Back
Top