CRK & AR down 10 % on lower NG
REI (Ring Energy) down 13 % on Earnings
CPE down 10% on lower oil
Lpi trying to join the list
Major dumpage today, too bad Biden didnt release a million bbls and then he could take credit.
I guess shortage is over and everything is swell
10 % club
Re: 10 % club
I think it is simply folks who think any inventory build is bad news, even if that build is below the seasonal average. IMHO these folks are lemmings at the seashore. Every time the inventory washes ashore they sell, when the tide goes out they buy. Each time their portfolio value slowly falls until their whole beach is washed away.
Without the long view on oil and gas (Thanks Dan) these people are just speculators that don't understand anything about the market they are trading. They are better off with Bitcoin. Like so many hedge funds, who seem constantly to be caught off guard when oil and gas prices rise and surprise their shorts.
Kevin
Without the long view on oil and gas (Thanks Dan) these people are just speculators that don't understand anything about the market they are trading. They are better off with Bitcoin. Like so many hedge funds, who seem constantly to be caught off guard when oil and gas prices rise and surprise their shorts.
Kevin
Re: 10 % club
My pet theory is that coal/iron/steel is driving the commodity train, led by collapsing junk bond prices in China related to the collapsing housing mega-corps there. The issue is pretty serious actually. China looks pretty bad right now.