Total nonsense. I predicted on the FXlive forum a month ago that market players would get paid to buy oil. Adam Button agreed and put up a lengthy post. Today that exactly happened. Bakken UHC $2.36/barrel Alaska North Slope $1.86/barrel WTI Midland $14.11/barrel Edmonton mixed sweet -$0.43/barrel Edmonton C5 condensate -$4.68/barrel Anyone who predicted a month ago that oil prices would be above 30 a month forward was a total fool.
I have oil refinery stocks and it is green. I assume refineries get filled and people already buying a cheap oil.
Mine now flipped to flat, but it gives now 20% dividend therefore I hold it not for the price improvement.
Dividends will be completely cut as bankruptcy runs wild through this sector. Hundreds of thousands jobs will be lost as well!!
Yes, so far I was getting 12% every quarter for long time. Now I’m to close to sell, hope it climbs up and I sell. And remember it’s oil refineries not oil producers. So far today it holds its value.