RE:RE:RE:Oil inventory next weekhighrider2 wrote: Possibly or possibly not. ............................................................................................................................................................................................................................................................. With the tarsand companies starting to come back on stream and ramp up production again as the fires get under control then inventories could actually start increasing once again. .............................................................................................................................................................................................................................................. On top of this you still have "Cushing " ( the largest storage facility in the U.S. ) continuing to get fuller and fuller every week which means that production is obviously still exceeding demand. ............................................................................................................................................................................................................................................. And then with the price of oil in the $46 range it makes it economical for a lot of oil companies to start getting some more of their "shut-in " wells back on line . Some companies are profitable again at this price ( BTE for example as one ) and therefore could start to add once again to inventory levels. ............................................................................................................................................................................................................................................. And then with the OPEC meeting coming in a few more weeks ..... if just more "lip flapping " and no resolve to a "cut " or at the least a "freeze " then this could also knock the price of oil down as the next OPEC meeting is not till December. ........................................................................................................................................................................................................................................... Bottom line is no one knows what is going to happen but the next few weeks or so are going to be very interesting .... and volatile which is good for the traders. ............................................................................................................................................................................................................................................... Gotta run now as things to do .
Incorrect Incorrect Incorrect Incorrect Correct The OILsands producers are not back online yet. The process of starting these behemoth plants is very long and will include many hiccups. Syncrude, the largest producer in the oil sands, has never been completely shut down in its 50+ year history. The startup process is unprecedented and will take months before the plant is up to full production. They can't just flick a switch and turn it back on. I know this because I work at Syncrude. There are talks that the upgrader will not be fully operational until October. The lengthy process doesn' even begin until Monday! The Cushing crude oil storage facility is not experiencing gains every week. There have been weeks in which there have been draws and with the massive reduction of Albertan oil flowing into the US, you can expect more frequent and larger drawdowns in the coming weeks and months....and years as the fundamentals continually improve. North American producers are certainly not bringing rigs back online at $45-$46 oil! The rig count is continually declining week after week after week. North American production is constantly dropping as proven by the numbers from every reporting agency. Producers will not start to bring rigs back online and increase production until the price of crude oil is sustained at $55-$60. Have you forgotten about the market reaction after last meeting already??? Oil took a very temporary hit and then surged to the highest level in months! The "lip flapping" from OPEC and all the associated noise cannot outweigh the continually improving fundamentals for more than a few days which has been proven. The only thing you are correct about is continued volatility. If you weren't so biased to post bearishly 100% of the time, people make actually take you seriously. Nobody cares what you say because you post nothing but negativity towards oil. So even if you are correct sometimes, nobody believes you. The bashers/shorters on this board are hilarious. You hoot and holler about a 1% gain for 1 measly day even though you were probably down 10% on the week. You talk about about all the money you made on a 1% gain. I can't even begin to imagine how much you lost! BTE has quadrupled in a few months! Some longs here are up 200%!!! And you guys continue to bash this stock calling it garbage...LOL. You shorters have to be the dumbest "investors" in Canada. Shorting oil at this period in time and on a stock that has quadrupled in a few months and may quadruple again over the next year or 2. Hilarious! I will continue to hold my max position and laugh at you guys while my profit continues to grow. Good luck to all the longs. Do not listen to the bashers here. Oil is going up and you will be rewarded for ignoring the noise and being patient. The shorters will continue to lose until they have nothing left. Cheers!