Post by
judomacca on Mar 07, 2021 4:13pm
Oil Price
Don't get too excited over Oil prices continuing to rally. There was a record build of 21.6 M barrels last week and I see an estimate of 4.5MB again for the next report. If this happens the Oil rally will be snuffed out. pretty quickly. Alsot he drilling riig count is increasing meaning more production is down the line. Demand of course could improve.
Comment by
GorgeousGeorge1 on Mar 07, 2021 4:25pm
Agreed. It's over extended. If the futures curve flattens then the roll yield dies and a lot of paper longs will exit. Need jet fuel to pick up. Mind you, we just had an attack on a sizeable export terminal in KSA which could support the price for a while
Comment by
Chas15 on Mar 07, 2021 5:46pm
Sounds like someone who has missed the rally ;)
Comment by
GorgeousGeorge1 on Mar 07, 2021 6:11pm
Lol I went all in long wcp at 1.20... So no, afraid not
Comment by
Chas15 on Mar 07, 2021 6:24pm
Talking to the other dude. I own lots of WCP as well, wish my average was that low! Congrats. Wcp is an excellent long term pick.
Comment by
GorgeousGeorge1 on Mar 07, 2021 6:39pm
Ah ok sorry, yeah Faggerhiem has been buying again, reckon there's another acquisition on the cards to bump them up to 140kbpd, great long termer