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Iraq's oil ministry has issued a stark warning to the international oil companies running its energy sector that it will slash spending in 2016 as the country feels the full effect of low crude prices and the fight against Islamic State.
A Sept. 6 letter from an oil ministry official is fresh evidence that Iraq is struggling to maintain a swift expansion of its energy sector that has made it the Organization of the Petroleum Exporting Countries's second-largest producer with 4 million a barrels a day or more this summer.
I voted maybe because in select refineries or mid-stream I see some good values. Regarding the E&P companies I do see a big rebound rally in crude & nat gas coming but it will remain a bear market rally IMO. The bear market in energy will probably last another 10+ years and may take it down to the G&S number of $20 in the end. So I remain very cautious on the upstream side of things, but have bought some RDS.
Is there any evidence to suggest we have bottomed?
Bullish call volume has been reported in XOM and COP with late September and October expirations. As per Pete Najarian who is a commentator/trader on CNBC.
It is definitely a better time now then it was this time last year. No one knows where the bottom is, but if your going to buy and hold for awhile a buy now isn't too bad after energy stocks have been beaten down.
Well, I got in back at the end of August when there was what I thought was major capitulation at that point. Energy plays I picked up have had a nice rebound since that point, but there could be one final leg down that scares all of the weak hands out. I sold one of my spec plays (PVA) and made about 50% in less than two weeks. Still holding on to the other (EGY) and looking for about another 50% gain on that one. However, I will continue to hold the blue chip energy stocks that I picked up at the end of August for a long-term rebound (BP, COP, CHK, and a couple of others). IMO energy stocks were a great buy at end of August, and most are still obviously a good long-term buy now regardless if there is one more major move to the downside.
Got back in PVA yesterday at .84. Looking for at least another 50% gain like last time, but probably will also not happen as quickly as last time either. Good spec play.
Bullish call volume has been reported in XOM and COP with late September and October expirations. As per Pete Najarian who is a commentator/trader on CNBC.
I think its safe to say now would be a "good" time to get back into Energy but is it the "best" time ?
I would finally agree that buying some high quality energy stocks wouldn't be a bad time now. It's impossible to know when is the best time though. I bought XOM, CVX and EOG on Friday, but only half positions in each.
The short $US trade is on: emerging markets, small caps, energy & materials. This is typical around the first FED hike and can last up to a year roughly.
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