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- Thread starter BSAM
- Start date
Give me a number, bro.
No can do, little buddy. Lower....
Who gives a frack.
Seriously, I trade CL every day. I am now a day trader. More by default than choice, the swing trades were sucking. DTing is going good.
A few weeks ago with oil in the high 60s, a fellow trader said that the Saudis wanted 60 to drive out marginal producers and reduce supply. The subsequent OPEC meeting seemed to confirm this. So far, he's been right and then some.
I don't know, I don't follow fundamentals much, just the timing of gov. reports.
I know a small producer in CA. Most of his wells produce only a few barrels a week. His costs are high. He was complaining the last time we were in the 70s. I don't know about now - hope he hedged production. He was riding high in the 90s - 100s.
I don't know much about his operations. He is listed as the only employee, but I know that he has several workers, I'd assume contracted. His revenues have been about 500+K/year.
You can imagine what the lower prices are doing to his income considering fixed costs. I know that insurance is a big expense for him.
A few weeks ago with oil in the high 60s, a fellow trader said that the Saudis wanted 60 to drive out marginal producers and reduce supply. The subsequent OPEC meeting seemed to confirm this. So far, he's been right and then some.
I don't know, I don't follow fundamentals much, just the timing of gov. reports.
I know a small producer in CA. Most of his wells produce only a few barrels a week. His costs are high. He was complaining the last time we were in the 70s. I don't know about now - hope he hedged production. He was riding high in the 90s - 100s.
I don't know much about his operations. He is listed as the only employee, but I know that he has several workers, I'd assume contracted. His revenues have been about 500+K/year.
You can imagine what the lower prices are doing to his income considering fixed costs. I know that insurance is a big expense for him.
Yeah, I dig it too. I'll be travelling more next year, so the lower prices mean the difference between about 40 and 25 bucks for 1/2 tank.
I got some RE renovation to do as well, and I'm hoping that gets cheaper. Deferred maintenance, I believe it is called.
Really, prices for most consumables should go down, but we'll see.I guess another big question, besides how low will it go, is - how long will it stay low?
Keep your eye on the contango.