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  • Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    With the surges higher in oil/oil stocks, we may be seeing the end of these wave 2’s and heading into the early stages of wave 3’s higher. We’ll know fairly soon (over the coming days to weeks).

    Oil positions jolted 3.8%-6% today in the late stages (or possibly end of) the wave 2’s I’ve been showing in the weekly videos lately. Looking good. I’d mentioned fairly recently that I believed this would begin happening soon. We may be seeing the early stages of it now.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    Oil and oil stocks moving up nicely today. Could be in the early stages of that wave 3.

    ThankfulThankful
    Participant
    Post count: 249

    Part of the commodity trade looking more positive.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    Yes, indeed.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    Hurricane Delta is expected to increase to a category 4 this weekend as it enters the Gulf of Mexico. That’s shutting down some oil rigs that are offshore and can cause oil to firm up. It’s been doing it some yesterday and today, I believe due to the hurricane. There’s a good chance it hits somewhere around the New Orleans area this weekend.

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    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    Oil futures seem to be perking up lately. A positive for our oil stock and ETFs.

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    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    The hurricane could hit Louisiana and potential rigs in the Gulf on Friday. So that seems to be keeping oil firmed up as well.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832
    Avatarlori hock
    Participant
    Post count: 18

    This is probably a stupid question, but can you please explain the correlation of Hurricane Delta shutting down offshore rigs and firming up oil?

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    There are no stupid questions.

    As a hurricane is anticipated to come into the Gulf, offshore rig operators have to temporarily shut down production of oil. If the hurricane does damage to a number of rigs, it can take them even longer to get the offshore oil rig back up and on-line. Either way, a temporary shut-down due to a hurricane coming into the Gulf or damage from a hurricane, which can keep those rigs shut down even longer, makes it to where there’s less supply coming onto the market relative to demand (and relative to what it was before the hurricane and rig shut-down).

    So, the hurricane, to some degree, disrupts the supply of available oil. If you take down supply or increase demand, either one can firm up the price of oil.

    Avatarlori hock
    Participant
    Post count: 18

    I understand!! Thank you for clearing that up for me!!!

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    You’re welcome. What’s good about asking questions when you have them is…someone else is usually wondering the same thing. And when you ask and get an answer…others get an answer too. It’s one thing I love about this forum.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    Love some recent comments by billionaire Carl Icahn:

    …the key to making money is to buy when companies are out of favor.

    …in three years time, people may kick themselves for not having snapped up inexpensive energy companies in 2020.

    BekkaBekka
    Participant
    Post count: 253

    Agreed…got some more oil companies for us to snatch up, Sean?

    Sean HymanSean Hyman
    Keymaster
    Post count: 3832

    ha-ha. Well, we’re amply covered but it’s good to see a billionaire investors saying to do what we’ve done.

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