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is now the time to invest in oil stocks?

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  • Jan 22nd, 2021 11:23 am
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Member
Feb 16, 2013
456 posts
60 upvotes
sunny923 wrote: Last week the EIA reports did report the crude oil inventory was down but the gasoline inventory was up, therefore, it's actually a bearish news rather than bullish news. Fact is, the rig count has been decreasing and with solid summer demand, I am bullish on oil. I might enter long again tomorrow probably after the EIA report. Just be cautious because Greek debt talk is still up in the air and might change the oil direction.
There is also Iran talk...it seems like deadline will get extended..But any news can surge oil as well as can go sideways....and there isn't any movement lately...
Sr. Member
Sep 24, 2010
917 posts
65 upvotes
Toronto
More of the "sideways" today? as it looks like a mixed/balanced news.

"Oil prices rebounded after briefly giving up gains Wednesday after the Energy Information Administration reported U.S. crude inventories fell far more than expected last week and gasoline stocks unexpectedly rose.

Crude stockpiles fell by 4.9 million barrels, compared with analyst estimates for a 2.1 million-barrel drawdown. The American Petroleum Institute (API) forecast on Tuesday that U.S. commercial crude oil stocks fell by 3.2 million barrels last week.

Meanwhile, gasoline stocks rose by 0.7 million barrels. Inventories were seen to have fallen 400,000 barrels last week, a Reuters poll showed."
Deal Addict
Sep 10, 2004
1096 posts
89 upvotes
panda470 wrote: More of the "sideways" today? as it looks like a mixed/balanced news.

"Oil prices rebounded after briefly giving up gains Wednesday after the Energy Information Administration reported U.S. crude inventories fell far more than expected last week and gasoline stocks unexpectedly rose.

Crude stockpiles fell by 4.9 million barrels, compared with analyst estimates for a 2.1 million-barrel drawdown. The American Petroleum Institute (API) forecast on Tuesday that U.S. commercial crude oil stocks fell by 3.2 million barrels last week.

Meanwhile, gasoline stocks rose by 0.7 million barrels. Inventories were seen to have fallen 400,000 barrels last week, a Reuters poll showed."
Hope you got out from your HOU this morning.
Sr. Member
Sep 24, 2010
917 posts
65 upvotes
Toronto
sunny923 wrote: Hope you got out from your HOU this morning.
I wasn't lucky enough...I had changed my order to 10.19 after looking at the trend this morning but it never hit it.
Deal Addict
Nov 28, 2010
1305 posts
290 upvotes
Brampton
Dammit I always miss an opporutnity to get HOD (should have went all out last night at close)
Deal Addict
Sep 10, 2004
1096 posts
89 upvotes
endokuken wrote: Dammit I always miss an opporutnity to get HOD (should have went all out last night at close)
Only if you have a Crystal ball yesterday, I don't have any gut to buy HOD even after the EIA report this morning.
Member
Nov 8, 2009
459 posts
168 upvotes
Bought HOD this morning minutes before the report at $7.8 with a stop limit around 7.6. Figured oil was at the top of its channel. Plan on holding for a few days to see if I can squeeze 10% out of this.
Deal Addict
Nov 28, 2010
1305 posts
290 upvotes
Brampton
Started buying HOU again as it seems it's never going to continuously go up beyond $10 at this rate.
Deal Addict
Sep 10, 2004
1096 posts
89 upvotes
endokuken wrote: Started buying HOU again as it seems it's never going to continuously go up beyond $10 at this rate.
Cautiously optimistic and I am in with a small position.
Deal Fanatic
User avatar
Jul 19, 2003
8089 posts
723 upvotes
I want it lower as I don't see a signal for upwards movement yet. But, that could be my greed talking.
hi!
Deal Addict
Nov 28, 2010
1305 posts
290 upvotes
Brampton
masterhapposai wrote: I want it lower as I don't see a signal for upwards movement yet. But, that could be my greed talking.
Bought some shares at an average of 9.48 which is what I had averaged the last time when I sold at 9.85 so hoping for more of an opportunity to buy so that I'll have large enough of a stake to be worth selling if it goes back up to the high 9's again
Deal Fanatic
User avatar
Jul 19, 2003
8089 posts
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endokuken wrote: Bought some shares at an average of 9.48 which is what I had averaged the last time when I sold at 9.85 so hoping for more of an opportunity to buy so that I'll have large enough of a stake to be worth selling if it goes back up to the high 9's again
Near low of the day, pretty good. Seems like strong support there.
hi!
Deal Addict
Sep 10, 2004
1096 posts
89 upvotes
masterhapposai wrote: Near low of the day, pretty good. Seems like strong support there.
There is not much movement price wise because there are no other news yet. Tomorrow rig count report will be another indicator, I am suspecting it's going up this time because rig count in Canada is increasing. Because NG is at a very low price level and rig companies has been switch to focus on CL. Look at Encana and TransCanada, they cut jobs and want to focus more on oil instead of NG. Old news but something to think about:
http://ca.reuters.com/article/businessN ... dChannel=0
Big factor up in the air:
1) IRAN TALK
2) GREEK DEBT TALK

Holding over the weekend is not recommended.
Member
Feb 16, 2013
456 posts
60 upvotes
HNU @ 3.73.....I missed it @ 3.45....my order didn't get filled on Tuesday....
I will buy HOU if it goes below 9.35.....will see tomorrow morning....but looks like it will be same...
Deal Addict
Sep 10, 2004
1096 posts
89 upvotes
saturnfan wrote: HNU @ 3.73.....I missed it @ 3.45....my order didn't get filled on Tuesday....
I will buy HOU if it goes below 9.35.....will see tomorrow morning....but looks like it will be same...
It will get there, it went below 59.5 level, now next level is heading to 58.8. HOU would be around 9.20.
Sr. Member
Sep 24, 2010
917 posts
65 upvotes
Toronto
sunny923 wrote: It will get there, it went below 59.5 level, now next level is heading to 58.8. HOU would be around 9.20.
You were right...it's now at 9.26 and may touch 9.20
Deal Fanatic
User avatar
Jul 19, 2003
8089 posts
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Jeenyus1 wrote: It doesn't really make a difference to me since I'm in for long-term but better to see green than red I suppose :lol:
Oil Genius. Have any fundamentals (or rumours/deals? i.e the Iran talks) because there is extreme panic in the Oil threads on internets. First time I seen all year.

Personally I don't see it dropping below 58, but I could be wrong.
hi!
Deal Addict
Nov 28, 2010
1305 posts
290 upvotes
Brampton
masterhapposai wrote: This is mouthwatering. How low can we go!
Continued buying this morning, got some as low as 9.25. Going to keep a watchful eye all day

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