Crude Oil

themickey · Apr 30, 2019

My algo just threw up a bearish signal on oil.

destriero · Apr 30, 2019

Oh F. Mickey went long. There goes Hormuz. $100 oil.

Rickylee · May 3, 2019

Who controls the oil in the US inventories? Who owns them? Who feeds off of them and when?

Anyone have any info?

bone · May 8, 2019

Obviously, the CL contract should have come off more yesterday - Strait of Hormuz bid keeping it firmish.

bone · May 8, 2019

Rickylee said:
Who controls the oil in the US inventories? Who owns them? Who feeds off of them and when?

Anyone have any info?

https://www.energy.gov/fe/services/petroleum-reserves

The US Government (taxpayers) owns the petroleum in the reserves. The crude stockpiles are stored in deep underground salt domes (caverns) along the Louisiana and Texas Coasts.

Salt mines are exceptionally stable and water/gas-tight geological structures - the Chicago CityGate Natural Gas Hub is also an underground salt mine cavern.

The US Government lists the average price of Crude Oil in the SPR as $29.70 per barrel on the DOE website.

themickey · May 9, 2019

Highly likely this is the bottom, my signal is a tad conflicting, need another day for confirmation.

bone · May 9, 2019

themickey said:
Highly likely this is the bottom, my signal is a tad conflicting, need another day for confirmation.

Not unless you're calling a bottom to the equity markets. Ask President Xi Jinping.

themickey · May 9, 2019

bone said:
Not unless you're calling a bottom to the equity markets. Ask President Xi Jinping.

The only bears I'm seeing are the short ETF's, they've decided to go back into a cave (can only see their bums), but everything is bullish imo. Oh, gold continues to be a cot case in USA, not so bad in Oz where our weak dollar has been good to us.

themickey · May 10, 2019

Ooooooo oil is going up

nillionaire · May 10, 2019

Looks pretty weak, not following this market rally.