• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 46 mins UK, Stay in EU, Says Tusk
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 9 hours How Is Greenland Dealing With Climate Change?
  • 11 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 5 hours Venezuela continues to sink in misery
  • 9 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 12 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 6 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 1 day BofA Sees Oil at $35-70
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 13 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 18 hours Orphan Wells
Dan Dicker

Dan Dicker

Dan Dicker is a 25 year veteran of the New York Mercantile Exchange where he traded crude oil, natural gas, unleaded gasoline and heating oil…

More Info

Fundamentals Are Lost, But Upside Visible For Oil

The oil market has become nothing but a rumor mill – rumors of Fed hikes to come, or even Fed cuts – and, over the last few days, a stubborn rumor about a Russian/OPEC summit to cut oil production.

Rumors suck, but this time the fix may be in – I think it’s time to put some money into some oil stocks for the quick blast up.

I’ve got oil stocks, and it’s been painful. I’ve been waiting for the inevitable short-covering rally of overloaded speculators to come since December and wash away a lot of my losses, give me a chance to get closer to even for this, so far, horrible year and have another look at the timing of the crude bust and next boom to come.

I’ve been waiting for a time to add some money into favorite oil stocks to help turbocharge that short covering rally, and now looks like the time to take that last shot: Having seen a low of $26, oil could go lower, but is bounded by zero – and ludicrousness. Fed dovishness tends to lend at least some support to a few less rate hikes than they might have been leaning towards before stocks fell off a cliff.

And then there’s Russia – now twice intimating a willingness to talk about a concerted production cut of 5 percent - first floated through the Iraqi oil minister on Tuesday and today hinted at by the Russian oil minister himself, Alexander Novak. OPEC, and the Saudis have both denied floating a plan, or talking about a meeting.

Oil…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News