XLE is falling, but GLD is rising, so I'm breaking even this week. I really wanted to have all in cash by the end of the day today, and powder dry for next week. It's the energy sector that's not cooperating. I'll sell GLD for sure, regardless; I can handle sellers remorse. I'll hold my XLE; I heard this morning that Saudi is in meetings, etc, etc, so we'll see what happens.Del wrote: ↑16 Mar 2023, 05:29That's what I was afraid you might tell me.sweetandsour wrote: ↑15 Mar 2023, 17:27The SPR that my grandson works at has been shipping oil somewhere this week. I have no chart, just the word of my grandson, presuming that I heard him correctly. It wasn't long ago I was reading somewhere that the current inventory was the lowest since "whenever", I don't recall the reference.Del wrote: ↑15 Mar 2023, 11:41
This chart indicates that Biden closed the spigot on Jan 6, 2023.
https://ycharts.com/indicators/us_endin ... um_reserve
Nothing has been added to or taken away from Strategic Petroleum Reserve since then.
Biden once said that he would start buying back oil when market price dropped below $80/barrel, but I'm sure he has long since forgotten about it.
Another grandson told me yesterday that Biden had signed off on Project Willow for drilling the Alaskan North Slope, which would benefit COP. But today I saw that environmental groups have already filed a lawsuit to prevent that from happening. Again, no reference, but I'm sure it can be easily Googled.
Anyway, regarding energy stocks and ETFs, I think with everything going on, they will whipsaw back up. Or maybe not, who knows?
It could be that they are just consolidating SPR inventories -- several full tanks and many empty ones. It could be that they routinely rotate in fresh oil and sell old oil to refineries, maintaining a flat reserve. It could be that the oil was sold months ago for March delivery, and the charts are book inventory (not physical inventory).
Or it could just be shenanigans.
Easily googled Willow.....
https://www.cnn.com/2023/03/14/politics ... index.html
Biden's Interior Sec is a major progressive greenie, but Biden over-ruled her. CON paid for lease rights to this field, now claiming that Biden cannot legally deny them. Alaskans insist that they have been severely impoverished by the sudden loss of so many jobs under Biden policy. CNN is pressing the gas on their climate alarmism angle.
Re the SPR, yeah, who knows what the deal is. I hear that the two that are closest to where I live did most of the shipping, and are at lowest levels, while the one down the coast from here shipped less or maybe none during the so-called emergency political mid-term election drawdown.