Post by
OneDayRodders on Oct 20, 2021 9:57am
Not gonna fight this for now
Oil goes up a buck and this struggles to post any gain
Oil goes down a buck and it responds immediately
Chart looks like it's rolling over in my opinion and the same short term for Oil perhaps.
So sold today and will look for a re-entry lower if above plays out
Comment by
Bpultra on Oct 20, 2021 10:38am
==================== To me it looks like it is holding the $6 handle...we have a ton short still ... and they have tried at least 3 times to get this back to a $5 handle and CPG got support ... so if a run is put on the shorts and we see some panic this could really hold up the SP.. seems oil is going to hold this level
Comment by
Anschutz on Oct 20, 2021 10:47am
Agree. The drop overnight was a function of China government jawboning about stepping in to mitigate their coal/energy situation. Over the past few months China has tried various things to bring down the global price of energy. Each time they failed. This is no different. The reality is the world is facing an energy shortage heading into winter that could very well lead to a crisis.
Comment by
NonCredibleSrc on Oct 20, 2021 12:17pm
CPG is up (time of writing) 1.3%. WCP only up .93%. Overall however I agree - the negative notion for CPG on oil falling does seem to outweigh the increase when oil is up. I am expecting (hoping?!?) that CPG valuation has a reset (specifically an increase) on Oct 28 with the release of the past quarter. This may be able to change the CPG immediate reactions to oil pricing.