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Strategies & Market Trends : Young and Older Folk Portfolio
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To: dan1944 who wrote (9793)9/21/2024 10:28:05 AM
From: chowder2 Recommendations

Recommended By
livwell
Markbn

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Re: Energy and Oil ...

I don't know what to think here. As a rule, I usually trim profits when I see the rig count declining. I assume this would lower revenue for the oil service companies.

Baker Hughes said the total rig count has dropped 42 rigs, or 7%, compared with this time last year.

seekingalpha.com

But then we have this:

US crude inventories hits lowest level in a year, fuel builds, EIA says.

So maybe there will be a pickup in demand.

XLE is +0.70% over the past year while the S&P 500 is +31.45%. This shows why I trim energy when the rig count starts to decline. I usually buy back in when the rig rate starts climbing like it did a couple of years ago when XLE was leading the market.

If I wanted to start building a position in energy, I would start small and slowly add, but I'm not interested in that at this time, but can see where others might be.
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