VBIN's oil stock thread.

[EricL]

WTI broke the $72 level.

New 52-week high for XOM.

[vbin]

I still have xle, oxy, Wes.

[fenders53]

Never made so much money in oil before I came here arguing with you guys.

[ken-do-nim]

(06-15-2021, 01:26 PM)EricL Wrote: WTI broke the $72 level.

New 52-week high for XOM.

Oooh I better check and see how ERX is doing then!  (Energy Bull 2x etf)

[EricL]

What a Difference a Year Makes (in Oil)

Quote:Exactly one year after West Texas Intermediate crude reached its historic -$37 per barrel low, the damage inflicted on global oil markets from the COVID-19 economic lockdowns has been largely repaired. Inventories have drawn down at the fastest rate on record and in a mere 12 months nearly all excess crude inventories have been eliminated. Prices for Brent and WTI recently topped $70 per barrel. Exploration and production equities (as measured by the XOP) have led the broad market higher, advancing 170% since the beginning of April 2020.

Continue reading.

[fenders53]

That was a good article. It's been an amazingly volatile year until a few months ago. Oil is in a slow chug upwards trend for now. It looks safe until at least fall. Give it less than a year and they'll be saying it is going to crash the world economy if it doesn't dip.

[EricL]

WTI hits $73

Last week's dip below $70 sure didn't last long...

[fenders53]

(06-21-2021, 01:47 PM)EricL Wrote: WTI hits $73

Last week's dip below $70 sure didn't last long...

I didn't take that one too seriously.  I sold new XLE puts Friday.  There will be a point where I get a little nervous about oil pulling back, but mid June at $70 oil sure isn't it.  

I am never going to understand gasoline prices though.  The station I buy from has literally not moved their price one penny for six weeks.  Oil has not been THAT stable.  I guess the distributors did a good job of predicting local demand?

[EricL]

(06-21-2021, 02:16 PM)fenders53 Wrote:

(06-21-2021, 01:47 PM)EricL Wrote: WTI hits $73

Last week's dip below $70 sure didn't last long...

I didn't take that one too seriously.  I sold new XLE puts Friday.  There will be a point where I get a little nervous about oil pulling back, but mid June at $70 oil sure isn't it.  

I am never going to understand gasoline prices though.  The station I buy from has literally not moved their price one penny for six weeks.  Oil has not been THAT stable.  I guess the distributors did a good job of predicting local demand?

Been $2.89 at my local station for weeks as well. /shrug

[fenders53]

(06-21-2021, 02:34 PM)EricL Wrote:

(06-21-2021, 02:16 PM)fenders53 Wrote:

(06-21-2021, 01:47 PM)EricL Wrote: WTI hits $73

Last week's dip below $70 sure didn't last long...

I didn't take that one too seriously.  I sold new XLE puts Friday.  There will be a point where I get a little nervous about oil pulling back, but mid June at $70 oil sure isn't it.  

I am never going to understand gasoline prices though.  The station I buy from has literally not moved their price one penny for six weeks.  Oil has not been THAT stable.  I guess the distributors did a good job of predicting local demand?

Been $2.89 at my local station for weeks as well. /shrug

It's not a terrible thing IMO.  There is going to be a lot of vacation travel but greed kills commodities every time.  I wondered when it would come but I am finally seeing it at work.  Customers are like "yeah, no on that garage or deck I had planned....  I'll take one sheet of that outrageously  priced plywood and a couple 2x4s.  I'll just fix a couple things to stay busy for now."  You can only get by with so much before some sanity is restored.

Gasoline prices are in their happy place now IMO. It has zero affect on my travel plans, and oil companies are going to be fine.

[vbin]

Gasoline approching $5 in bay area. The whole travel thingy still haven't opened. We aren't back to normal. If we don't see another wave, gasoline headed to $85 at this pace.

[EricL]

I'd say we are about 95% back to normal in South Dakota. Hardly any masks to be seen, roads are busy, and the case counts are near zero.