LOL WUT? Crude Oil Rallies as Coronavirus Appears Under Control

[Tom Kirkman + 8,860]

Who writes these headlines?  Crude oil is apparently "surging" ?

 

Crude Oil Rallies as Coronavirus Appears Under Control

Crude oil was surging on reports that the Coronavirus might not be as deadly as feared, and a vaccine may be on the way, as well as China lifting some quarantines. China is calling on all regions outside of the Hubei province to resume their "normal" work starting from next week onwards.  ...

 

[notsonice + 1,255]

deadcat bounces is all crude is experiencing. Until the situation improves within China the floor is not being formed in the crude trade. Iron ore is also seeing the same, hard selloff and deadcat bounces

[James Regan + 1,776]

23 minutes ago, notsonice said:

deadcat bounces is all crude is experiencing. Until the situation improves within China the floor is not being formed in the crude trade. Iron ore is also seeing the same, hard selloff and deadcat bounces

“deadcat bounce” please explain???

[Gerry Maddoux + 3,627]

Agree: this is insane. There is no attributable information that the virus is under control, or that a vaccine is forthcoming--though I hope both these things are happening. 

It is clear that neither Russia nor KSA have a clue what they're up against. But to be fair, I don't think very many of the Permian people do either. 

A rule of thumb in medicine is that for every tragic or senseless death, 100 people are affected--family, friends, business associates. If we apply that merely to the said 600 mortalities, we're looking at 60,000 lives that have been touched adversely and forever. 

But the real lesson, economically and for oil, is that the Chinese economy is about as shut in as an old oil well. The Chinese government and workforce have been put on pause: hunker down, let the dying run its course, spring will come, and then we will begin anew. Reset. Wash. Rinse. Repeat. What SARS virus?

The oil lesson? Call a one month moratorium on oil and gas production. KSA. Russia. Permian. OPEC. You want to let renewables handle this mess? Okay, here's the atomic football, boyo, run with it.

[Tom Kirkman + 8,860]

52 minutes ago, notsonice said:

dead bat bounce

FIFY

[Tom Kirkman + 8,860]

27 minutes ago, James Regan said:

“deadcat bounce” please explain???

dead cat bounce

/ˈded ˈkat ˌbouns/

noun

STOCK MARKET

1. a temporary recovery in share prices after a substantial fall, caused by speculators buying in order to cover their positions.

   "is the recession really over, or is it a dead cat bounce?"

[notsonice + 1,255]

Just now, Tom Kirkman said:

FIFY

ha ha ha ha good one

[James Regan + 1,776]

18 hours ago, Tom Kirkman said:

dead cat bounce

/ˈded ˈkat ˌbouns/

noun

STOCK MARKET

1. a temporary recovery in share prices after a substantial fall, caused by speculators buying in order to cover their positions.

   "is the recession really over, or is it a dead cat bounce?"

Interesting I was also wondering where the name came from:

The name "dead cat bounce" is based on the notion that even a dead cat will bounce if it falls far enough and fast enough

[Dan Warnick + 6,100]

On 2/8/2020 at 4:15 AM, Gerry Maddoux said:

Agree: this is insane. There is no attributable information that the virus is under control, or that a vaccine is forthcoming--though I hope both these things are happening. 

But, you don't understand; the CCP says it is so, and therefore.........