@icepumpkin myself managed to grab back another 35% of my fund back at 0.175... now i'm riding on high ownership on velesto.. let's see the nbext 2 days... the gamble is all on OPEC's meeting outcome on production cut extension... Saudi is all good for the agreement.. now the only uncertainty is Russia's decision on OPEC... keep fingers crossed.
@icepumpkin that is for sure... not many actually realized the active rig count have fell the lowest and dangerous level that soon supply may not be able to cater demand for some short period later... making oil price soar... before this only shale was more severely shut down.. but now offshore as well since its more costlier to operate offshore op... economy is opening up in many places... demand will not be high like before since jet fuel is record low still... but at some level demand gonna surge on gasoline and other petroleum based products... including ethanol...
DUBAI/MOSCOW (Reuters) - OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters.
Good news...
Like I said, when the operator has collected enough they will push the price up..
just one word, HOLD :) oil price cannot stay forever at $40 also... then you'll see more companies will close biz and stop investing... this is just temporary... one thing you need to note is that, when oil price rallies, it will be very aggressive... not sure when supply is going to be severely impacted... as more offshore oil rigs are shut down... restarting an oil rig production is not like starting a factory machine... LOL.. some can take a few months to gain back the well pressure... some can be permanently damaged & deem unusable...
gloves & PPE rally is almost over for now before coming back later... that is the reason banks have started controlling the margin player from falling into risk during this gloomy economical position for the country... focus on the next big rally... be patient
@Mabel tell me about it... same situation... i just missed the boat to be in buy queue early for 0.170... i wanted to acquire more and hold another few weeks... i'm unable to use Rakuten & HLB as both trust funds were already fully invested...
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
icepumpkin
818 posts
Posted by icepumpkin > 2020-06-03 15:20 | Report Abuse
velesto price was 30c and drop to 17.5c. knm price was already matching the price before oil drop. so yeah i hope i made right decision.