/biz/ - Business & Finance

>>19211916
Well, as one anon suggests it could of been existing contracts/obligations manipulating the market to fix the price. Not necessarily new buyers. In fact we still don't actually know the final OI, we just been assuming under "the most generous possible assumption" that all volume was settling a contract. This does NOT have to be the case. We could very well have 10k OI left, who knows. Keep in mind as well, we have 700k draw last week, 4.8 million this week, Cushing had 13.8 million storage left last week meaning now it should have 9 million....and we have almost 50 million sitting offshore blockaded. In other words, we cannot physically accept the oil offshore and every day even more gets parked out there. The oil situation is A LOT worse than the media and analysts are letting on. In truth, whether by prudent buyers of backwardation or obligations, those buying today did not lose much money so far as the tankers remain offshore with their oil. We had no big buyers or real buyers today, just those who have to take some and made sure it was at a fixed price for them. We got room now at Cushing, and they know that....but we are oversupplied heavily regardless.

>>19211891
>Until Shale can get picked back up
Minimum of six months just to restart the wells. Storage tanker dream might happen for real if your theory is true.

>>18642840
Very smart play. Now hold and fall in love with your gains.

>>18642841
XOM. American based, meaning it will benefit more from our action than RDS. Though RDS is a phenomenal pick up too, don't get me wrong. It is just XOM will benefit more from our government's intervention and thus rise faster/more.

>>18052694
Losing after making a lot. Overall making money today.

>>18052814
MY SHORTS. OH GOD, I AM GONNA COOM AFTER HEARING THIS NEWS.