Speculators are back in oil ahead of driving season or the price would be in the low $40s, where it belongs based on current conditions. We'll see if they hold the price up long enough for demand to pick up.
I think JUNE looks attractive near 49. Unless S&P goes below 800, there are worse things to be long than physical comm. Draws today in both GASOLINE and DISTILLATES. Big build in crude but products could lead higher if supports hold. We shall see
Biggest build in crude oil in 19 YEARS. http://www.forbes.com/feeds/ap/2009/04/15/ap6293730.html Good luck oil bulls. You'll need plenty of it.
Anyone know a site with inventory estimates #'s? Yahoo finance used to post the #'s prior to EIA, but haven't done so in awhile. Googling only got me the estimates after the report, which while helpful, isn't what I'm looking for.
Oil should drift around 45-50s for a few months. Spike is coming, just not sure when. If oil pulls near 40, I will add even more capital to all my oil positions.... Our current project, up in the Bakken Shale ...is a break even @ 25. Includes the 11000 acres & the cost of 20 wells. Our Prospectus has the Target for the lows @ 40 and the average over the next 30 years, not adjusted for inflation so at 08 dollars, around 100 or so. IMHO, we should be @ or near 70 by years end.
hi, you talk a lot about oil, buying oil in 30s, holding oil, could you please tell me what exactly are you buying and holding - which month futures, USO? OIL? USL? maybe real crude oil?
Take a look at: http://tonto.eia.doe.gov/oog/info/twip/twip.asp http://www.eia.doe.gov/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/wpsr.html Good Luck.