Investing

is now the time to invest in oil stocks?

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  • Mar 4th, 2024 9:55 am
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Deal Addict
Sep 2, 2004
3137 posts
2298 upvotes
MEG +49% this morning right now. Are you still holding this one @MrMom ?
Deal Guru
Aug 17, 2008
10989 posts
13539 upvotes
Capt. wrote: MEG +49% this morning right now. Are you still holding this one @MrMom ?
Yes, added in early March. Halted again.

Update #2: A bunch of halts, CVE, HOD, HOU at various points. Enter at your own peril. This is a rumour of Trump getting oil cuts. You know he's lying when his lips are moving.
Last edited by MrMom on Apr 2nd, 2020 10:45 am, edited 2 times in total.
Answer not a fool according to his folly, lest thou also be like unto him = Never argue with an idiot, they'll only bring you down to their level & beat you with experience
Deal Expert
User avatar
Sep 19, 2004
26761 posts
9330 upvotes
where I belong
https://seekingalpha.com/news/3557854-t ... -soon-cnbc

Trump expects 10M-barrel production cut announcement soon - CNBC
Apr. 2, 2020 10:40 AM ET|About: The United States Oil ETF, LP (USO)|By: Carl Surran, SA News Editor
Pres. Trump tells CNBC he spoke to Russia's Putin and Saudi's Mohammed Bin Salman and expects the two countries to announce a 10M-barrel production cut and potentially a 15M-barrel cut.

The news has sent the stock market averages spiking higher: S&P 500 +2.4%, Dow +2.2%, Nasdaq +1.8%.

Crude oil prices, which already were surging, maintain strong gains: WTI +9.1% to $22.17/bbl, Brent +6.6% to $26.37/bbl.

ETFs: USO, XLE, OIL, UWT, XOP, UCO, VDE, OIH, BGR, DWT, GUSH, BNO
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Sr. Member
May 13, 2012
731 posts
332 upvotes
Toronto
damm i feel like sh**
only took like 9% from SU
at one point it was 15% but that sudden drop few minutes ago lol
Sr. Member
User avatar
Feb 5, 2017
910 posts
913 upvotes
Blubbs wrote: How much are you guys popping in at a time?
60K in this particular case invested, 10K profit
looking for reentry later today ... or lets see how much money I left on the table by selling too soon
Deal Fanatic
Mar 21, 2013
6150 posts
10800 upvotes
Canada
alexcalvado wrote: 60K in this particular case invested, 10K profit
looking for reentry later today ... or lets see how much money I left on the table by selling too soon
I'm having serious regret with oil stocks. I had bought into IMO below $11 with $20k and sold at $14. Wish I had done 10x and left it alone. I have 200k sitting in cash. Fack
Sr. Member
User avatar
Feb 5, 2017
910 posts
913 upvotes
Blubbs wrote: I'm having serious regret with oil stocks. I had bought into IMO below $11 with $20k and sold at $14. Wish I had done 10x and left it alone. I have 200k sitting in cash. Fack
he can talk as much as he wants, demand is low and will remain low for a while .. now how does that translate into SP of all those companies even if oil prices go up remains to be determined
Deal Addict
Aug 12, 2004
4511 posts
2168 upvotes
Calgary
LOL I certainly wasn't expecting a Trump - Putin collaboration on oil production cuts when I bought stocks in the drop down this morning or as a part of my reasoning for buying but I will certainly take a 15% bump from my buy price in an hour.
Deal Fanatic
Mar 21, 2013
6150 posts
10800 upvotes
Canada
alexcalvado wrote: he can talk as much as he wants, demand is low and will remain low for a while .. now how does that translate into SP of all those companies even if oil prices go up remains to be determined
Yeah. I'm hoping for another short drop. Not really experienced in investing (generally have been couch potato) but trying to get my feet wet given we have money and this is a fantastic opportunity to buy low (though I wish it never happened). It's a high risk environment and I don't want to screw myself from inexperience. Just wish I had had more courage to put more in when everything was bottoming out. Now that we are past likely oil bottom I have a tough time feeling comfortable entering. I don't know... At the same there are rumours that refineries are about to shut down units due to demand.
Deal Addict
Nov 21, 2014
3580 posts
6290 upvotes
Atlantic
Just saw an article:
https://oilprice.com/Energy/Energy-Gene ... -Deal.html

saying there's been no talks.........

Edit: https://business.financialpost.com/pmn/ ... r-mbs-call
But a Putin spokesman, Dmitry Peskov, said the Russian president had not spoken to the crown prince. And Saudi Arabia didn’t confirm a production cut, instead calling for an “urgent meeting” of the Organization of Petroleum Exporting Countries plus Russia, according to state-run media.
Last edited by EasyCompany251 on Apr 2nd, 2020 11:18 am, edited 2 times in total.
Jr. Member
Nov 27, 2014
194 posts
286 upvotes
Vaudreuil-Dorion, QC
He means they will cut by 10M barrels a year. Not per day. Lol. Russia only produces 10M a day.
Sr. Member
User avatar
Feb 5, 2017
910 posts
913 upvotes
jackrabbit000 wrote: Damn, closer than I thought lol. $56,250 for a profit of $10,855
nicely done ! it will buy us a lot of Costco toilet paper thats for sure !
did the transaction in RRSP ... oh yeah ! (was supposed to be a long term hold position but .... Trumps fault !)

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