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Msg  521194 of 551108  at  9/18/2023 11:25:35 PM  by

VIA


 In response to msg 521189 by  Bearcatbob
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Re: How high’s the oil mama?

Unless you are holding USO or crude futures, why are you glad you held?
 
My oil positions are down today and were down on Friday as oil marched upwards. I am thoroughly disappointed with oil equities and I am worried that when crude hits the $93ish supply zone, it will reverse and oil equities will get even softer.
 
What the market wants is sustainably high oil prices for weeks or months on end before it correctly values oil equities. No-one is willing to speculatively drive up their prices and that to me is a very big warning sign.
 
I am actually glad that I exited my Baytex, Exxon and Crescent point energy. Only Exxon is a bit higher than where I sold it at despite oil being up over $5/barrel since my exits. 
 
Willing to re-enter, but I am very cautious of the upcoming pivot high in oil in the 93 area. I think we will hit that area with the EIA weekly report. After that, the Fed will determine what happens, and technically, it is shaping up perfectly for a jump up into the EIA report and a reversal due to the Fed meeting (even if it is positive, it will be deemed a sell the news event). That's my thesis but I'm not religious about it.  


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Replies
Msg # Subject Author Recs Date Posted
521197 Re: How high’s the oil mama? dodgefan 8 9/18/2023 11:41:02 PM
521208 Re: How high’s the oil mama? vxmike 5 9/19/2023 4:35:15 AM
521218 Re: How high’s the oil mama? hipshot 0 9/19/2023 7:29:51 AM
521692 Re: How high’s the oil mama? VIA 34 9/20/2023 8:59:00 PM




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