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Oil bulls face severe test of faith (and pockets)

Reuters -- The collapse in oil prices since the start of May is posing a severe test for oil market bulls who must meet big margin calls to maintain their positions -- or close them out and accept their losses.
The price collapse has already prompted many hedge funds and commodity trading advisers to pull out of WTI.

TO CLING ON OR QUIT?

In April and especially May, plunging Brent and WTI prices are likely to have inflicted significant pain on many hedge funds. Month-end performance letters are likely to reveal some big casualties.

With Brent languishing, and bulging stockpiles around the NYMEX delivery point at Cushing, Oklahoma, WTI prices may struggle to rally much.

Many must now be more focused on minimising losses than maximising gains.

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Submitted May 15, 2012 By: Tomeboy

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Chris46 Champion Author Dayton Posts:23,649 Points:2,079,390 Joined:Sep 2005	Message Posted: May 16, 2012 8:01:13 PM Ignore Chris46 Report Abuse They should take one on the chin.
Ray_10589 Champion Author New York Posts:4,931 Points:1,180,060 Joined:May 2009	Message Posted: May 16, 2012 5:49:28 AM Ignore Ray_10589 Report Abuse Greed is hurting us all
10k Champion Author North Carolina Posts:21,226 Points:2,251,095 Joined:May 2006	Message Posted: May 16, 2012 12:16:27 AM Ignore 10k Report Abuse let 'em lose .. no tears from me..
JSX515 Champion Author St. Louis Posts:3,698 Points:798,670 Joined:Feb 2011	Message Posted: May 16, 2012 12:10:15 AM Ignore JSX515 Report Abuse Old
Ron77095 Champion Author Houston Posts:3,045 Points:599,650 Joined:Sep 2011	Message Posted: May 16, 2012 12:07:02 AM Ignore Ron77095 Report Abuse ok.
TBONE3 Champion Author Pennsylvania Posts:8,731 Points:1,973,725 Joined:Mar 2005	Message Posted: May 16, 2012 12:06:31 AM Ignore TBONE3 Report Abuse No pity party will come from me. They do not hesitate ripping us off, now, ITS THEIR TURN!!! Hope it lasts a long time.
thunderstruck All-Star Author Chicago Posts:706 Points:732,225 Joined:Apr 2005	Message Posted: May 16, 2012 12:05:14 AM Ignore thunderstruck Report Abuse HAHAHAHAHAH! Serves those greedy *****les right. Hope they lose everything they have and wind up sleeping under a bridge somewhere.
bbigred Veteran Author Lansing Posts:424 Points:296,615 Joined:May 2006	Message Posted: May 16, 2012 12:03:08 AM Ignore bbigred Report Abuse Their greed cannot take all of our money
Saturn93 Champion Author Salt Lake City Posts:7,292 Points:1,640,885 Joined:Oct 2006	Message Posted: May 16, 2012 12:00:41 AM Ignore Saturn93 Report Abuse Perhaps it will remind them of what we ordinary citizens have to shell-out for energy .
Rageagainsttm Champion Author Tampa Posts:8,288 Points:1,900,055 Joined:Jul 2007	Message Posted: May 16, 2012 12:00:30 AM Ignore Rageagainsttm Report Abuse sure
TekWare Champion Author Toronto Posts:3,146 Points:669,975 Joined:May 2011	Message Posted: May 15, 2012 11:57:03 PM Ignore TekWare Report Abuse I have nothing but disdain for these people.
jkpsr Champion Author New Jersey Posts:4,069 Points:1,099,855 Joined:Jun 2005	Message Posted: May 15, 2012 11:55:47 PM Ignore jkpsr Report Abuse The margin calls will act to greatly depress spot prices.
carlsonguitars Champion Author Portland Posts:4,872 Points:825,675 Joined:Jan 2008	Message Posted: May 15, 2012 11:52:53 PM Ignore carlsonguitars Report Abuse We should kill our cars, getting ripped off by oil companies AND sending that money overseas is just plain stupid!!!
VetteFan Champion Author Indiana Posts:9,724 Points:2,025,555 Joined:Aug 2005	Message Posted: May 15, 2012 11:52:23 PM Ignore VetteFan Report Abuse Please quit and let oil drop some more.
BWJM Champion Author KW Posts:1,113 Points:303,780 Joined:Oct 2011	Message Posted: May 15, 2012 11:51:06 PM Ignore BWJM Report Abuse ok
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: May 15, 2012 11:51:03 PM Ignore 2bigtanks Report Abuse Croc tears coming from my eyes!
animal_rights Sophomore Author Hartford Posts:117 Points:46,150 Joined:Feb 2012	Message Posted: May 15, 2012 11:44:50 PM Ignore animal_rights Report Abuse Bullsheet
crashintuc34 Champion Author Tucson Posts:4,037 Points:808,965 Joined:May 2010	Message Posted: May 15, 2012 11:44:45 PM Ignore crashintuc34 Report Abuse Just close your eyes, shut off your brain and Der Fuhrer will make everything better.
TerryanSkylar Rookie Author Nashville Posts:10 Points:3,000 Joined:May 2012	Message Posted: May 15, 2012 11:43:54 PM Ignore TerryanSkylar Report Abuse Haha
granitestater Champion Author New Hampshire Posts:8,805 Points:1,427,825 Joined:Oct 2008	Message Posted: May 15, 2012 11:43:27 PM Ignore granitestater Report Abuse Where's your speculators now, huh?
regout Champion Author Quebec Posts:2,940 Points:829,780 Joined:May 2010	Message Posted: May 15, 2012 11:42:29 PM Ignore regout Report Abuse Oh yes.
GigHarborHound Champion Author Tacoma Posts:2,522 Points:485,565 Joined:Sep 2011	Message Posted: May 15, 2012 11:41:40 PM Ignore GigHarborHound Report Abuse A real laugher!!!
mfeldstein Champion Author Ottawa Posts:8,161 Points:1,928,430 Joined:Feb 2007	Message Posted: May 15, 2012 11:41:21 PM Ignore mfeldstein Report Abuse Religious oil bulls. What a concept!
hotrod_brother Champion Author Tampa Posts:12,606 Points:2,232,195 Joined:Oct 2006	Message Posted: May 15, 2012 11:40:10 PM Ignore hotrod_brother Report Abuse Test of faith, really ??? More like test of fate !!!
Rooster922 Champion Author Wilmington Posts:3,773 Points:653,145 Joined:Jan 2009	Message Posted: May 15, 2012 11:36:22 PM Ignore Rooster922 Report Abuse Ha!
PrinceLH Champion Author Ontario Posts:2,677 Points:535,120 Joined:Jun 2011	Message Posted: May 15, 2012 11:35:32 PM Ignore PrinceLH Report Abuse Thanks France and Greece!
abacus44 Champion Author Toms River Posts:3,465 Points:745,565 Joined:Jan 2011	Message Posted: May 15, 2012 11:32:26 PM Ignore abacus44 Report Abuse OK
SavALot Champion Author Virginia Beach Posts:8,459 Points:1,708,910 Joined:Apr 2005	Message Posted: May 15, 2012 11:31:24 PM Ignore SavALot Report Abuse Let's see if they can keep that faith
Indy1 All-Star Author Quad Cities Posts:877 Points:801,475 Joined:Apr 2008	Message Posted: May 15, 2012 11:31:13 PM Ignore Indy1 Report Abuse old
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,067,300 Joined:Mar 2004	Message Posted: May 15, 2012 11:29:52 PM Ignore miser709 Report Abuse What does faith have to do with these greedy @#$%*#$^.
Buddy2264 Champion Author Tampa Posts:11,639 Points:2,357,045 Joined:Oct 2005	Message Posted: May 15, 2012 11:29:50 PM Ignore Buddy2264 Report Abuse I would guess the long term price of oil is up, unless there is a good alternative. They cannot wait it out as they make short term moves for profits. [Edited by: Buddy2264 at 5/16/2012 12:30:55 AM EST]
moremissions200 Champion Author Rhode Island Posts:10,501 Points:2,023,510 Joined:Jan 2007	Message Posted: May 15, 2012 11:28:44 PM Ignore moremissions200 Report Abuse rahcat:"I remember a collapse to $11.00 per barrel many years ago." I would be very pleased to see a drop to $15 to $17 per barrel.
Eugenian Champion Author Oregon Posts:1,847 Points:359,205 Joined:Oct 2009	Message Posted: May 15, 2012 11:28:36 PM Ignore Eugenian Report Abuse Calling it a "collapse" is a bit hyperbolic, no?
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: May 15, 2012 11:26:40 PM Ignore frostyWV Report Abuse hope they lose. maybe learn to quit jacking up prices.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: May 15, 2012 11:26:37 PM Ignore tedjm1 Report Abuse ????
heartbroken2010 Champion Author Ottawa Posts:4,329 Points:894,610 Joined:Aug 2010	Message Posted: May 15, 2012 11:24:02 PM Ignore heartbroken2010 Report Abuse ok.
umitb Champion Author Indianapolis Posts:3,665 Points:841,490 Joined:Apr 2010	Message Posted: May 15, 2012 11:22:55 PM Ignore umitb Report Abuse ok
ysmc Champion Author Providence Posts:10,545 Points:2,019,995 Joined:Apr 2007	Message Posted: May 15, 2012 11:20:25 PM Ignore ysmc Report Abuse no tears shed for crooks
GLCSHADOW Champion Author Oregon Posts:1,616 Points:1,883,710 Joined:Dec 2005	Message Posted: May 15, 2012 11:20:21 PM Ignore GLCSHADOW Report Abuse As prices fall the economy should improve.
Matt G Champion Author Boston Posts:4,518 Points:2,770,115 Joined:Jun 2004	Message Posted: May 15, 2012 11:19:21 PM Ignore Matt G Report Abuse Ok
hotrod_brother Champion Author Tampa Posts:12,606 Points:2,232,195 Joined:Oct 2006	Message Posted: May 15, 2012 11:19:04 PM Ignore hotrod_brother Report Abuse Now we need a follow-up in the form of old fashion local gas wars !!!
itsjustme719 All-Star Author Hamilton Posts:611 Points:597,400 Joined:Dec 2010	Message Posted: May 15, 2012 11:18:13 PM Ignore itsjustme719 Report Abuse Keep on dropping. Prices have been ridiculous for far too long.
gus8441 Champion Author Baltimore Posts:2,099 Points:439,900 Joined:Feb 2012	Message Posted: May 15, 2012 11:18:07 PM Ignore gus8441 Report Abuse my heart bleeds
Number43 Champion Author Lexington Posts:8,681 Points:1,635,245 Joined:Oct 2008	Message Posted: May 15, 2012 11:18:07 PM Ignore Number43 Report Abuse Greed is the only reason gas prices are so high. I hate speculators.
MidNJ Champion Author New Jersey Posts:7,541 Points:1,170,760 Joined:Sep 2009	Message Posted: May 15, 2012 11:17:58 PM Ignore MidNJ Report Abuse Bubbles grow. The reality is the bigger a bubble grows.> It only becomes a bigger burst. !
Number43 Champion Author Lexington Posts:8,681 Points:1,635,245 Joined:Oct 2008	Message Posted: May 15, 2012 11:17:32 PM Ignore Number43 Report Abuse I hope they lose all of their ill gotten gains.
crreed1 Champion Author West Virginia Posts:1,970 Points:2,523,410 Joined:May 2005	Message Posted: May 15, 2012 11:14:49 PM Ignore crreed1 Report Abuse I feel sorry for them
rahcat Champion Author Grand Rapids Posts:2,453 Points:660,025 Joined:Jan 2010	Message Posted: May 15, 2012 11:13:26 PM Ignore rahcat Report Abuse I remember a collapse to $11.00 per barrel many years ago.
hemiMI Veteran Author Michigan Posts:259 Points:403,340 Joined:May 2011	Message Posted: May 15, 2012 11:13:10 PM Ignore hemiMI Report Abuse Burn baby burn.
yakstar Champion Author Montreal Posts:2,405 Points:476,720 Joined:Jan 2012	Message Posted: May 15, 2012 11:12:52 PM Ignore yakstar Report Abuse just like schmitter- burned to a crisp!