Time to short crude oil soon? Following SCO

Discussion in 'ETFs' started by KCalhoun, Mar 8, 2021.

  1. KCalhoun

    KCalhoun

    It's hard to know when ranges are overextended, but crude has been up for awhile.

    If it drops, I'll scale into SCO, when it gets over 7.

    https://www.cnbc.com/quotes/SCO

    If it keeps running up I'll get in UCO OXY APA MRO.
     
    maxinger, toastmaster94 and Tradex like this.
  2. S2007S

    S2007S

    I bought some SCO, these oil plays tend to completely over do it on both sides however..only bought a 1/4 of a position and will add more if I have to.
     
    KCalhoun likes this.
  3. KCalhoun

    KCalhoun

    Just bot a bit of DRIP too ah, oil inverse
     
    murray t turtle likes this.
  4. treeman

    treeman

    Following to see how long it takes you to capitulate. Thanks for the liquidity!
     
  5. bone

    bone

    If you're trading oil, you're trading the stock market.
     
    KCalhoun likes this.
  6. KCalhoun

    KCalhoun

    Yes, I closed SCO drip last week, will reenter if they go up. Will trade OXY MRO UCO if oil keeps rising
     
  7. maxinger

    maxinger

    wti crude oil and China Shanghai INE sour crude futures - down they go


    but CNBC news is extremely slow.
    it says
    ' brent crude heads toward $70 as China energy demand outlook brightens'
     
    Last edited: Mar 15, 2021
    KCalhoun likes this.
  8. KCalhoun

    KCalhoun

    I'll buy SCO on any 2day high
     
    murray t turtle likes this.
  9. bone

    bone

    What's funny about that is that the amount of actual legit North Sea production has been on the decline and European Refiners have been increasingly buying US crudestocks.

    To the point that ICE wants to include North American Crude into the Brent contract specifications, but nobody can agree upon basis components like tanker rates.

     
  10. treeman

    treeman

    All versions of anything oil are in backwardation (except NG). This isn't common. Said another way - tankers are paying you to store oil instead of the other way around. Ask yourself, why might that be?

    (hint: it's not a lack of current demand)
     
    Last edited: Mar 15, 2021
    #10     Mar 15, 2021
    KCalhoun likes this.