I love being long on energy but I can’t see the justification. Finding oil in a field they already found oil in, and in this market that is like finding more sand in the desert? And Total owns 50% of the field and their stock took a dive today. Think I will cut and run while ahead.
biggscpa
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The longs sure are quiet today
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As I posted three times before. I will short this zombie down to 6 if oil gets above 30. I will short it down to penny stock level if oil stays below 30. I also predicted the fall will start with a 10% drop from the $12 range. Check the discussion history, it’s all happening now.
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$APA when this gets below 6/share next week I will close my short and join you longs assuming WTI gets above 30 and stays there. If not i will close my short at 2/share and wait indefinitely.
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$APA? Why the blind optimism in this oil zombie? I’ve been posting all week that I have been building my short position every time it went up. Their Balance Sheet is typical of the EandP crowd. They just wrote off 1/3 of their assets as an impairment this quarter, over 4B! Their next quarter income will be down well over 50-75% from last year due to $20/barrel and half the production due to lack of demand. They will have already burning through their $400M in cash in April already so now will be borrowing every month to pay debt. Do the math, the value per share must drop to below $6. Expect a 10% minimum drop tomorrow.
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$APA two week relief rally is over. Single digits by eod tomorrow. Will follow oil and the rest of the EandP zombies
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$APA $CLB $FANG $OKE $OXY still shorting per my previous posts. These MUST go down until they and their peers in the industry liquidate and consolidate. The EandP cos will decline faster than the oil commodity as long as oil is below $40 and oil will stay below $40 until consolidation happens. Will go below March lows. Canary in the coalmine will be the Airline industry. USO is the only buyer of futures now and that is not real demand.
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$APA $CLB $OXY $OKE $FANG. So 4 of my 5 oil co shorts are now back in the red with oil price up 10%. Gut wrenching day but I increased my short positions in all. Why the divergence? The USO etf’s massive inflows are bidding up a low volume futures market with buyers who cannot ever take delivery. Refineries are idled or closing completely so are not buying oil is the reality. Will build up a short now in USO too
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Increased my short again. These companies will go broke as long as oil is under $40. The majors will not merge with them but will buy their assets after bankruptcy or buy their discounted notes from their lenders. No demand, no storage left and yet they have to keep pumping to pay debt load.
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Thank you for buying today. Allowed me an opportunity to double my short holding.
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