RE:In at $2.51PROtrading wrote: Oil has appears to have found a bottom.
Baytex punished for long term debt but has great hedging and cost saving strategy. Interesting some other oils have been able to hold on to dividends and weren't pusnished as bad.
Very solid insider buying. Does anyone have the totals in the past 6 months?
With oil stabilizing and eventually going up, can't see much downsides here. Appears to have a tight trading pattern waiting for a break out.
i don't believe we have seen the bottom yet. I've been saying this for a while now. We are getting into maintenance season for the refineries. This will decrease demand and drive the glut even higher. Inventories are still climbing and Iran has oil basically sitting at sea waiting to be shipped. I suspect we will see low 20's. Once refineries start to come back online, driving season ramps up and we see further production cuts by the US and non-OPEC members, THEN we will see demand finally catch up to supply and subsequently a rise in crude prices. I think it will be a few months before we start to see any meaningful drawdown in inventories. Don't expect to see any significant increases in crude prices in the meantime. With that being said, this isn't a bad time to start a position in oil stocks for a long-term hold.