Demand is starting to come back. Yay!
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- S. rig count drops to 374. The lowest rig count on record. Oil supply destruction imminent. Price of oil will be going up. Invest accordingly.
Then the company will be split up.
I did invest! Doubled my $ so far!
Go ahead, invest in Noble if you're such a bull. No one's stopping you. Or are you just full of bull?
In the short term the price of oil remains volatile. In the long term $25/bbl is unsustainable and the price of oil must rise. Demand will return and supply will be diminished. A year from now investors will look back and see this as a buying opportunity.
Unfortunately there is no reason to celebrate. The bump is based solely on market speculation. Speculation demand is gradually increasing and curtailments are slowly lowering supply. The imbalance is narrowing, but remains high. Storage continues to quickly fill. Until real balance returns the price will be unstable. Worse, some operators may now think they can squeak by while keeping their production up. They'll just be prolonging the oversupply problem and sticking it to everyone else.
I'd wait until it was above $25/bbl for at least a week before I started thinking rally
Lol. Don’t get your hopes up pal. May 18-19 will be good days to short Noble.
Well people are starting to drive again, airline are starting to fly again, so demand is going up and should keep going up. Meanwhile the rig count is plummeting. If OPEC+ can maintain some discipline, then maybe it is time to do some bottom fishing. Could be a nice oil rally in the making.