Sean HymanKeymasterOctober 5, 2020 at 3:39 PMPost count: 7046
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 HymanKeymasterOctober 6, 2020 at 10:07 AMPost count: 7046
Oil and oil stocks moving up nicely today. Could be in the early stages of that wave 3.ThankfulParticipantOctober 6, 2020 at 10:45 AMPost count: 340
Part of the commodity trade looking more positive.Sean HymanKeymasterOctober 6, 2020 at 4:59 PMPost count: 7046
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.
Attachments:You must be logged in to view attached files.Sean HymanKeymasterOctober 8, 2020 at 10:52 AMPost count: 7046Sean HymanKeymasterOctober 8, 2020 at 11:00 AMPost count: 7046
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 HymanKeymasterOctober 8, 2020 at 1:59 PMPost count: 7046
Another positive for oil and oil stocks: https://www.zerohedge.com/energy/crude-futures-spike-opec-comments-worst-over-oil-marketlori hockParticipantOctober 8, 2020 at 4:01 PMPost count: 48
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 HymanKeymasterOctober 8, 2020 at 4:14 PMPost count: 7046
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.lori hockParticipantOctober 8, 2020 at 4:18 PMPost count: 48
I understand!! Thank you for clearing that up for me!!!Sean HymanKeymasterOctober 8, 2020 at 4:21 PMPost count: 7046
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 HymanKeymasterOctober 9, 2020 at 12:20 PMPost count: 7046
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.BekkaParticipantOctober 9, 2020 at 5:35 PMPost count: 357
Agreed…got some more oil companies for us to snatch up, Sean?
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