RE:Congrats to SU shareholdersYup. Thanks!
I would have liked to see a more organic supply drop, due to an inability to produce, but we can enjoy the win today. Thanks oil. Thanks to the extremely oversold positions, and very negative short sighted sentiment.
For the most part, the countries selected for this 'voluntary' cut are meeting quotas now, so it seems this will actually be a real cut, not just a paper cut.
As I posted before, the potential for an oil spike was large and building, just needed a spark. Long oil positions have been sold off in March in the unwinding of the long oil / short bond trade, and as a result, longs have not been this low in years. The shorts have now had to scramble to cover.
Been a long while since the last a million dollar day, and I notice the call options have now nearly doubled, still having a lot of runway left through the year. Onward and upward.
I need a bigger pool...