3.6 - 3.91
3.6 - 140.5
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By Jeslyn Lerh SINGAPORE (Reuters) -Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. Brent futures for February fell 79 cents, or 1.0%, to $82.47 a barrel by 0730 GMT, while U.S. crude fell 80 cents, or 1.0%, to $78.16 a barrel. The scale of the latest outbreak and doubts over official data prompted some countries to enact new travel rules on Chinese visitors, even as China began dismantling the world's strictest COVID regime of lockdowns and testing. "The lack of clarity over the virus situation in China has prompted some new travel rules from various countries, which could serve as some dampener for previous optimism," said Jun Rong Yeap, market strategist at IG. "Heading into 2023, there are chances for oil prices to rebound but it will still boil down to the pace of China's reopening, and whether market participants have priced for the growth risks as a trade-off to tighter central bank policies," he added. Oil markets were also buffeted by expectations of another U.S. interest rate increase in the United States, as the Federal Reserve tries to limit price rises in a tight labour market. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. That compared with estimates for a draw of 1.5 million barrels, according to analysts' estimates. The U.S. government will release its weekly figures at 10:30 a.m. EST (1530 GMT) on Thursday. Also weighing on prices, pipeline operator TC Energy (NYSE:TRP) said it was working to restart the portion of the Keystone pipeline that was shut down after a leak this month. However, that comes as an Arctic freeze has forced some oil refining facilities offline, backing up crude supplies. Oil refiners continued to ramp up operations, but some of the recovery is expected to extend to January. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.
69 Replies 7 👍 11 🔥
I thought you nixed trading boil?
135 Replies 14 👍 10 🔥
If $BOIL price moves against you, the closer to the money loses value more quickly as well, so higher risk goes with the higher reward. About 32% vs 26% using the 60 and 50 strike examples. Another way to play it is with spreads, you can get $10 spreads for $1-$1.50 max risk for 800% potential returns. Because of the high ATR nature of this ticker, you won't see huge gains until time starts running out, or it goes well into the money.
109 Replies 13 👍 13 🔥
i have s mall bouncer on UNG the boil is too amped for my system
68 Replies 14 👍 9 🔥
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