Baytex Energy Corp T.BTE

Interesting... $6's is a very real possibility over the next

[Snowballer]

two weeks... That would be amazing for all longs who want to add or new positions to be taken. Oil could also, for whatever reasons, fall under $100

[TheWokeLemming]

I'd have to disagree strongly with both of those.  Once you begin claiming oil will drop under $100 you lose me. 

[Snowballer]

That kind of rigid approach seems extreme especially given how crazy oil trades.  IMO oil could tank to $95 easily even if it were just a flash crash.  But feel free to elaborate on why dropping under $100 isn't possible?  We all know the structural talking points... and I'm not saying it will go under $100 but looking at the chart it would seem oil has a new direction for

[TheWokeLemming]

You're the one throwing it out there SB .... you defend why it will go under $100 when everything points the other direction other than current US dollar strength.

[Snowballer]

To be clear, you and I are on the same team. And my pleasure.  Other than the US dollar... 1) Oil is extremely volatile 2) The rising wedge in the oil chart has broken to the downside 3) Other technicals suggest a much bigger drop ahead 4) Extreme fear in the markets 5) Europes recession will lead to a US recession 6) Political risk around government intervention (even if just

[TheWokeLemming]

Absolutely SB we are on the same team AB's can respectfully disagree.   I like oil hitting $130 before $100.  

[Snowballer]

Now that we're in the $6's let's see if the 2nd observation plays out... if we go under $100 WTI deepblue may be right about $5's unfortunately.