I bought back 7000 shares only of my previous 41,000 previously disclosed. Completely agree and to be clear I don't claim that I think oil price has found resistance at this or any level - as you know I don't do technical analysis.
In the short term oil will move with inventories but in the long term it always depends on the cost of production.
That cost has always been $100 U.S. per barrel eventually. The U.S. tight oil production is an uneconomic ponzi scheme that has conned the market into a false perception of surplus.
I am a long term investor, for now oil inventory looks to be drawing down but tight oil is ramping again. There can definitely be hiccups on the path.
It seems unlikely that oil will return to $30 U.S. per barrel but anything is possible I suppose.
What is impossible is for me to lose money on Santos as I spent -$50,000 on my shares.
I bought back 7000 shares only of my previous 41,000 previously...
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