stock market was up today...

[hog88]

Isn’t this a storage issue? Why can’t the gov take it and put it in the salt pits?

I believe they are full.

 

[hog88]

I don’t see how the overall market can keep the gains it’s clawed back while the energy sector is taken off of life support and euthanized.

I don't either. I think ugly is right around the corner.

 

[MontyPython]

Isn’t this a storage issue? Why can’t the gov take it and put it in the salt pits?

It is. I would think Trump would be all over this. How could we NOT be buying (read: get paid) to beef up our strategic reserves? This is really, really ominous.

 

[VolStrom]

It is. I would think Trump would be all over this. How could we NOT be buying (read: get paid) to beef up our strategic reserves? This is really, really ominous.

Because congress didn't fund it.

'Bailout for Big Oil': Democrats eliminate $3B Strategic Petroleum Reserve purchase in pandemic relief package

 

[hog88]

It is. I would think Trump would be all over this. How could we NOT be buying (read: get paid) to beef up our strategic reserves? This is really, really ominous.

Where will we put it? Plans to lease space were not approved by congress.

US aims to lease space in emergency oil stockpile, after buying plan canceled, sources say

 

[85SugarVol]

 

[Velo Vol]

I don't quite follow how this blew up today. It's not like everyone woke up this morning and suddenly noticed, "Crap! we've got all this oil and no where to put it!"

They release weekly inventory numbers, right? Shouldn't the trend have been noticeable for weeks?

 

[Orangeburst]

VN needs to pool and buy one of those mothballed Navy oilers

 

[zeppelin128]

My head hurts. This is wild.

 

[GoDucks349]

You might disagree given your industry experience, but generally speaking I think they do a pretty good job at getting the "right" companies in there. Even in a really small index like the Dow.

The problem with the Dow isn't necessarily it's size - it's the ridiculous price weighting.

I don't really have an opinion about the Dow.... I don't use it for anything. I primarily use the S&P 500 Index for a benchmark for my portfolio. If I'm beating it by at least 2% on a 3 & 5 year net rolling average, then I'm relatively happy. My gripe with indexes stems from having to use the Russell Small Cap and Small Cap Value Indexes when I worked. They were/are pretty mechanical in the annual rebalancing in June.

I run a fairly low risk stock portfolio for myself. I'm 72 so you aren't going to see me with a great weighting in growth and high beta stocks. I've been pretty lucky, in 2007, I couldn't find anything that I thought was cheap enough so I was in 30% cash when things went south. Then last December I raised my cash levels 10% due to the volatility associated with the current administration. So I was again in a good position when things went south. Have been doing some buying the last few weeks.

 

[LouderVol]

I don't quite follow how this blew up today. It's not like everyone woke up this morning and suddenly noticed, "Crap! we've got all this oil and no where to put it!"

They release weekly inventory numbers, right? Shouldn't the trend have been noticeable for weeks?

I think it's one of those cases of once the dominoes start it's hard to stop.

 

[05_never_again]

I don't quite follow how this blew up today. It's not like everyone woke up this morning and suddenly noticed, "Crap! we've got all this oil and no where to put it!"

They release weekly inventory numbers, right? Shouldn't the trend have been noticeable for weeks?

It was in all likelihood caused by a hedge fund(s) who had been trapped in positions for weeks, has been trying to get out, and was forced to liquidate today.

 

[MontyPython]

VN needs to pool and buy one of those mothballed Navy oilers

Genius! I'm in.

Better yet, get the government to buy it for us.

May expires tomorrow. Clock's ticking. Heh.

 

[Orangeburst]

Genius! I'm in.

Better yet, get the government to buy it for us.

May expires tomorrow. Clock's ticking. Heh.

Get on line and see what one of these babies cost. We need a ship captain @InVOLuntary

 

[InVOLuntary]

Get on line and see what one of these babies cost. We need a ship captain @InVOLuntary

Lol. You don't want me to captain one of those. I could seriously tear up a bunch of stuff.

 

[Orangeburst]

Lol. You don't want me to captain one of those. I could seriously tear up a bunch of stuff.

Fine by us. Just don’t spill the inventory

 

[MontyPython]

Lol. You don't want me to captain one of those. I could seriously tear up a bunch of stuff.

Just make circles in the Gulf for like a month. Troll for some fish while you're at it.

 

[LouderVol]

Just make circles in the Gulf for like a month. Troll for some fish while you're at it.

drag a big hook across those pipes in the sea bed. we need a spike in oil prices.

 

[Rasputin_Vol]

Oil at $8.75 a barrel. I'm almost thinking to throw a large chunk of money there. Demand isn't going away forever, and supplies aren't going to stay where they are. With it that low, it seems you could double your money fairly quickly.

You mean you are going to take delivery on a few barrels of oil?

 

[Velo Vol]

Agree or disagree?

 

[Rasputin_Vol]

The Saudi Prince is dropping their oil prices. Trying to hurt competitor's. Since President Trump has pushed drilling it should hardly affect us. Watch what it does to Russia.

Domestic producers are not going to be able to survive in this environment.

 

[hog88]

Agree or disagree?

With what? Gibberish?

 

[hog88]

Domestic producers are not going to be able to survive in this environment.

Nope. Not when you artificially drop demand by what 80% in a month?

 

[Rasputin_Vol]

Agree or disagree?

What is she saying? She started off saying that the oil markets are trying to tell us something, but then left it at that. I'm not sure what I'm agreeing to or disagreeing to.

 

[rjd970]

You mean you are going to take delivery on a few barrels of oil?

I've got some ETFs I'm looking at that follow the price of oil.