Post by
rusty777 on Jun 17, 2021 10:48am
oil down 0.2% and the Oil companies tumble by a factor of 10
Interesting how a small drop in oil prices creats a cascade within the oil sector. Most Oils are off between 2 and 3 % with a miniscule drop in the price of WTI....me thinks the shorts are at it again causing a cascade of stop-loss orders to be triggered.
Sure would love to see the Canadian regulators put a stop to naked shorting - then we might see a return to some sort of reasonable valuation of companies based upon value rather than who has the deepest pockets.
It will be interesting to see what happens to oil over the next few days
GLTA (Longs)
Rusty
Comment by
topdown99 on Jun 17, 2021 11:02am
Bank traders using the J Powel news conference as an excuse to drive prices down but it won't last . Look at today's storage injection , it was ONLY 16 bcf when estimates expected a 79 bcf injection . Inventory is almost 500bcf lower than last year at this time . This move isn't supported by fundimentals and won't last .