The Selloff of 2018

Let's just make one thread for the selloff instead of saying oil going to 60.. or 55.. or 50 .. and then we hit it. Makes no sense!!

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right where we started the year from, pretty much. 

 

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(edited)

https://www.cnbc.com/2018/11/20/libyas-oil-production-could-soar-higher-despite-opec-weighing-cuts.html?__source=yahoo|finance|headline|story|&par=yahoo&yptr=yahoo

This (Libya went from +-500K to 1.28M bbl/day in the last 6 months and want to be excluded from potential OPEC production cut) is not helping...

OPEC + Russia would have to agree on a substantial (2+M bbl/day) production cut (and actually do it) in order to drive price higher ($65+).

If Russia refuses to participate in any production cuts, it will make the OPEC's decision to cut its own production much harder.

Edited by Rebel44

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It has to be a coordinated effort with all OPEC nations plus the rebels to cut to stabilize prices. They may do it because many are in pain with the $20+ selloff

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1 hour ago, Oilfuturestrader said:

It has to be a coordinated effort with all OPEC nations plus the rebels to cut to stabilize prices. They may do it because many are in pain with the $20+ selloff

They are playing the same game of chicken as in late 2014 - we just have to wait and see how they decide this time (this time absent of a delusion that they can drive fracking companies from the market).

"cut production in coordination with us or nobody will cut their production and we all will suffer from even lower prices"

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19 minutes ago, Rebel44 said:

They are playing the same game of chicken as in late 2014 - we just have to wait and see how they decide this time (this time absent of a delusion that they can drive fracking companies from the market).

"cut production in coordination with us or nobody will cut their production and we all will suffer from even lower prices"

VERY TRUE MY FRIEND

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Looking uglier and uglier out there today, my friends! I think we will see a crude oil inventory build again today from the API, so it might get worse before it gets better. If OPEC doesn't like these prices, I would think very soon Al--Falih will "leak" something about some production cuts.

 

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Man, I wish I had been short on this.  OILD, which is an inverse ETF, is up 22% ($7.13) on the day so far.

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23.23% now.  That's the biggest return I can see on the markets today! Anybody else?

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2 minutes ago, Oilfuturestrader said:

How much was it trading at before the selloff?

image.png.f82739ca07011703c5b308612cee5868.png

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Over -7% now. It's ugly, ugly, ugly out there. Trade safe! :)

And I'll say to ya'll what I say to my kids before they walk out the door for school every day. "Make good choices!"

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3 minutes ago, Oilfuturestrader said:

How much was it trading at before the selloff?

About $31.60

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11 minutes ago, Oilfuturestrader said:

This is the best short in 5 Years!

Are you short?

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I missed this move in oil.  Too bad, so sad.  😢

I'm shorting the Russell 1000, so I have to settle with a gain on my inverse ETF of about 5.36% on the day so far.  Not bad, but 20%+ on oil would have been better!

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I knew the move would occur all summer but I was looking to stop trading oil after a great year. Last trade I went long at 72... got stopped out 62. Ugh .. hurts like hell!

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Was anybody else on here short oil today?  Long?

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1 minute ago, Oilfuturestrader said:

I knew the move would occur all summer but I was looking to stop trading oil after a great year. Last trade I went long at 72... got stopped out 62. Ugh .. hurts like hell!

Been there, done that.  Ouch.

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