So there was a huge attack on an oil facility in Suadi Arabia last night and S.A. Oil Production is now down by 50% for who knows how long. Any comments on where oil goes this coming week? Another non event? I swear to god, at 4:57PM Friday, I was staring at my iphone thinking of buying one futures contract on the close. Sure wish I did it, but I do own 50 Nov 80 calls on the hopes that Israel attacks Iran, but will this really be enough to send oil to $100?
All I know is that I will be watching Sunday night prices intently. SA is saying they might have production up again by Monday, but this outage is affecting 5 million barrels a day. It isn't even so much that production is impacted, but now it is highly evident that their facilities are vulnerable.
I know that Yemen thinks they are stabbing Saudi, but the irony here is that this has the potential the spike prices and that only helps the Saudi's
At $100 per barrel, oil be doing a quick catch up to gold and silver. And would make you a Million dollah, hollah! You know that i was always in your corner, rooting for you, right. You need my address, dear Friend? You're the Best, ya know!
Related posts:
Drone attacks knocked out half its oil supply
https://www.marketforum.com/forum/topic/38976/
And another one bites the dust, Trump fires Bolton
https://www.marketforum.com/forum/topic/38699/
Crude 3 months below
Crude 1 year below
Crude 10 years below
Unleaded gas price:
2 years below
10 years below
Current gas prices:
https://www.gasbuddy.com/GasPriceMap?z=4&lng=-96.591588&lat=38.822395
https://www.quora.com/Why-are-west-coast-gasoline-prices-higher
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
Latest Release Sep 11, 2019 Actual-6.912M Forecast-2.686M Previous-4.771M
| Release Date | Time | Actual | Forecast | Previous | |
|---|---|---|---|---|---|
| Sep 18, 2019 | 10:30 | -6.912M | |||
| Sep 11, 2019 | 10:30 | -6.912M | -2.686M | -4.771M | |
| Sep 05, 2019 | 11:00 | -4.771M | -2.488M | -10.027M | |
| Aug 28, 2019 | 10:30 | -10.027M | -2.112M | -2.700M | |
| Aug 21, 2019 | 10:30 | -2.700M | -1.889M | 1.580M | |
| Aug 14, 2019 | 10:30 | 1.580M | -2.775M | 2.385M |
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
How long will production be knocked out
Heck the sand won't even cool down for a week before clean up and then re-building begins
That lost production is equal to all the fracking oil industry in the USA, just to get a perspective
A few weeks is a pipe dream
Mean while, what stops another attack
A lot of enemies in the ME
I feel for the short traders right now. They have to be sick to their stomachs.
I do NOT feel sorry for the bears. THIS is good. What would have happened IF Israel attacked Iran instead. We would have opened up at $70 or higher and we would be at $100 before the week was over. That would have been a massacre. This is nothing but a warm up.
boy did I get some good sales in. Sold 5 Oct 69 calls for 0.15. Paid 0.02 for them. That is just a sample, but obviously the Oct expire on this Tuesday and I have had so many calls expire worthless that this is just a small pay back.
I bought some way OTM crude oil calls a while back. It was so long ago I forgot the expire date!!! Think I'll go check them out.
Congrats Richard!
"Before and after satellite images show how the drones, attacking Saudi Arabia's Abqaiq plant and its Khurais oilfield, tore through the facilities — leading to the interruption of an estimated 5.7 million barrels of the kingdom's crude oil.
The attack is the single worst sudden disruption to the oil market ever, and senior members of the US government are laying the blame on Iran.
However, Iran denies any involvement and it has responded with fury to the accusation, going as far as to threaten US bases with missile strikes.
The Islamic Republic's Revolutionary Guard says its forces could strike US military bases across the Middle East with their arsenal of ballistic missiles."
Oil & gasoline are up about 10-12% today. 2 stocks I follow - HP & XEC - are up over 12%, which makes it seem like buyers are expecting this to last a while, if not get worse. (For everyone not long in the market)
And yet I'm not seeing much in the news.
I totally agree. Vol has exploded much more then what a $8 move should be. As an example, on Sept 13, I bought 10 Dec 84 calls in WTIC for 0.02 each. They are now trading at $0.30 each. That seems extreme since they are still out of the money. I am lost if I should take more money off the table and wait for vol to come in or continue to wait for the war with Iran. Holly cow bat man. This SH*T is real. . .