Strong Bakken buying today on dollar weakness

Posted by bakken

Has it gotten to the point that we hope that hurricanes will form in the Gulf Coast to prop up our oil stocks? Sadly enough, for many, it definitely has, although they will state they aren’t looking for any human losses, just some disruption in supply. Today, tropical disturbance Fay missed oil rigs in the Gulf of Mexico, but shareholders of Bakken stocks were probably pleased that a weak dollar combined with an uptick in heating oil buoyed our plays today. Among the big gainers today were 2 of the “pure plays” in the group Continental Resources (CLR) and Whiting Petroleum (WLL) which were both up more than 5%. In addition, Venezuela’s Oil Minister Rafael Ramirez indicated that it’s may propose an oil production cut at the next OPEC meeting if crude prices decline further. The good news for Bakken investors is that oil does appear to be oversold. For example, the chart below indicates that the Energy SPDR (XLE) is currently trading below its 20,100 & 200 Day Moving Averages and trading close to its lower Bollinger Band. Volatility, however will continue to reign and expect to see swings of $4 and up within a matter of hours as competing forces battle to determine the long term trend of oil.

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
WLL	4:01PM ET	89.64	5.99	7.16%	744,910	1,180,390
MDU	4:02PM ET	31.58	0.11	0.35%	564,635	1,125,130
SM	4:01PM ET	42.99	1.79	4.34%	919,588	1,444,730
CLR	4:04PM ET	47.65	4.11	9.44%	2,383,706	1,871,040
EOG	4:02PM ET	99.88	5.14	5.43%	4,166,094	3,844,690
NOG	4:00PM ET	7.39	0.05	0.68%	311,832	641,200
KOG	4:00PM ET	3.03	0.13	4.48%	758,228	1,459,890
KDKN.OB	3:59PM ET	1.65	0.15	8.28%	35,126	195,115
BSIC.OB	2:26PM ET	1.60	0.05	3.03%	20,993	78,292.3
XTO	4:01PM ET	46.80	1.35	2.97%	15,414,211	11,663,700

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Tags: bakken CLR EOG hurricane trends xle XTO