I bought two USO call options with $5 strike with expiry in January next year costing $100 each. Will likely make almost 1000 each when it gets back to $12-14.
Cool I'm going to sell my kidney as well to raise capitalYou can bet your house cat that oil will go back to what it previously was or higher. The war between Russia and Saudis is set up to get the world oil prices higher. Both pretend to get hurt, then they go back to normal and start to raise prices slowly. Now that the covid-19 crisis is upon us they will have to do less to kill off all the frackers. The oil pipelines are necessary for the trapped inland oil to get to ports and refineries. It is also a necessary supply for the national security of the USA. A steady flow of oil means less fluctuation of prices.
Article : $1 Oil: Saudi Arabia's Attempt To Crush U.S. Shale
quote :
Whether or not the Saudis manage to capture market share, U.S. producers are set to lose the most. Oil prices in many states have fallen into the teens and in some states we are already seeing oil selling for $1 per barrel, causing producers to shut-in a huge number of wells as demand for their crude is slowly drying up.
https://oilprice.com/Energy/Energy-General/1-Oil-Saudi-Arabias-Attempt-To-Crush-US-Shale.html