RE:RE:oil down another 2% today on top of the big drop yesterday The fact is that the current mandated SPR releases will end this month. And the fact is that the department of energy has already announced plans to put some back this year. Small amount anyway so not betting it will make a big difference. But releases will end and the current Congress won't allow any further draining of SPR. That, among other things, puts a floor on the price of oil and so far it has proven to be resilient, despite all the negatives.
Another thing, is after touching the bottom of its current range earlier in trading today, oil has recovered. And gas ended up the day up 12 cents. Surprised, I checked the weather forecast. The heat dome is still hanging over Texas. It would be good if it spread north to populous Chicago and northeast but it doesn't go anywhere for at least for the next 7-10 days. One thing I have noticed is that Southern California will get a bit hotter in about a week.
OK. We are not trading natural gas here... But things are not that dire for this company. I feel bad for those who need money now or very soon and need a fast recovery. Or those afraid of a margin call if the stock breaks below $2. Otherwise, just a little bit of patience.