Anyone gambling on going long UCO or something similar?

ryanhnc10 said:

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Anyone gambling on going long UCO or something similar?

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Bought some lottos, my guess is this has no PRAYER of working

Anyone know how to check oil price on TDA? I can't find the ticker.

Every knee shall bow and every tongue shall confess

ryanhnc10 said:

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Anyone gambling on going long UCO or something similar?

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I'm trying to find an oil etf that is corresponding to the drastic drop today and haven't found one. Oil down 60% and UCO is down 13%. USO down 8%. I haven't found any that are trading in correlation to the downward spiral today.

I'm sure I'm going to get burned but I've got so little skin left to burn, can't hurt too much anymore.

Explained very well. Front month crude is what is getting hammered before expiration tomorrow.

gindaloon said:

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Explained very well. Front month crude is what is getting hammered before expiration tomorrow.

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Saw an article from Forbes that the fault lies with the USO ETF, and they recommended it's termination like XIV.

https://www.forbes.com/sites/jimcollins/2020/04/20/the-us-oil-etf-uso-is-the-culprit-behind-oils-massive-plunge/#91dbfc524e8c

gindaloon said:

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Explained very well. Front month crude is what is getting hammered before expiration tomorrow.

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Isn't this just foreshadowing into the next month though?

If there's no space to store, there's no space to store.

Correct?

Aggie1391 said:

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The oil price is just the May future that expires tomorrow correct? And if you hold the contract when it expires, you have to have the oil delivered? But since there's no storage space, no one wants the delivery. June futures haven't tanked nearly as much, and Brent prices aren't down nearly as much either. To me, it seems like the headline is much worse than the actual story, but I could be wrong.

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If there's no storage space now, what makes you think there will be in a month? Won't we have the same thing happening then that's happening now?

McInnis 03 said:

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Anyone know how to check oil price on TDA? I can't find the ticker.

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I just follow the futures.../CL

Jun Contract $22.26
August $29.73
Dec $33.32

Every knee shall bow and every tongue shall confess

Beerosch said:

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Aggie1391 said:

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The oil price is just the May future that expires tomorrow correct? And if you hold the contract when it expires, you have to have the oil delivered? But since there's no storage space, no one wants the delivery. June futures haven't tanked nearly as much, and Brent prices aren't down nearly as much either. To me, it seems like the headline is much worse than the actual story, but I could be wrong.

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If there's no storage space now, what makes you think there will be in a month? Won't we have the same thing happening then that's happening now?

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I work with CO's that are working on adding storage. We are way behind the curve on building storage tanks.

JPM or WFC for long-term hold?

12thMan86 said:

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McInnis 03 said:

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Anyone know how to check oil price on TDA? I can't find the ticker.

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I just follow the futures.../CL

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I don't have futures enabled so I guess that's why i can't see it.

Every knee shall bow and every tongue shall confess

So how to I invest in oil storage (short of buying a tanker or rail car)?

STNG

Mr. AGSPRT04 said:

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So how to I invest in oil storage (short of buying a tanker or rail car)?

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There are the tanker companies that usually "transport" oil, which will now be hired out as rentals to actually be floating storage vessels. They charge pretty steep rental rates.

12thMan86 said:

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george1992 said:

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NRD09 said:

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Did you take some out to buy a house? Hopefully?

TLGT acting pretty strong for a crappy penny stonk

excited to see that about crm, almost back to even on them

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Nope - just bad trading on my part. Down a cool mil on the year overall. Slowly building it back up in my TD ameritrade accounts. Up about $15K there but, so only $985K more to go to get back where I was on 2/20/20. Its just my IBKR account is cursed. It was my "trading" account. Learned how to trade options and well, I boy did I learn.

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aww man, down a mil so far sounds painful. I wish I had a magic bullet for you! If there's another big pullback, AMZN and SHOP seem strong for the long run.

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No worries here. I started with $250K in a managed account and have withdrawn over $200k for other investments and still have a little over $700K in those accounts. This is over about 5 years and using a lot of margin ($30k plus a year in margin interest). We held on too long to one stock, TPL, that made us a killing only to drop like a rock with the oil price. That one position, in several different accounts, accounts for over $900k of my overall loss this year. The accounts reached a high of $2 million back in Oct 2018 when oil was trading at $70+ per barrel only to fall to $1 mil at the end of 2018, then back up to $1.5 mil in Feb 2020 then down to $700K today. You have to have a strong stomach for this type of investing. My other $200K in losses are from trading (including TPL on my own). Which it turns out, I'm not very good at.

Some news regarding AMD has got to pop soon. Massive amounts of unusual activity happening at 60 strike for 4/24

Every knee shall bow and every tongue shall confess

My USO calls in may just jumped a ****load

Holy **** USO calls coming in like crazy.

FED buying.

At $2.25/barrel May delivery, why are the June and July futures priced at 10x?

Is demand projected to increase 10x next month?

There's nowhere to put the stuff.

jj9000 said:

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At $2.25/barrel May delivery, why are the June and July futures priced at 10x?

Is demand projected to increase 10x next month?

There's nowhere to put the stuff.

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Part of the reason is that the production cuts take effect in June

jj9000 said:

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At $2.25/barrel May delivery, why are the June and July futures priced at 10x?

Is demand projected to increase 10x next month?

There's nowhere to put the stuff.

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Assuming this is based on May 1st re-opening. If this gets pushed, I would imagine those prices to follow.

I'm on UCO calls and USO calls. Oil pays my living, might as well risk it.

My f'n grande Mocha is worth more than a barrel of oil. LOL. Ridiculous.