Sprout: I admire your optimism, but I don't think it really holds water. It's not just the price of oil holding PYM down, it's years of consistent failure, terrible management and a lack of communication (which IMO invariably means bad news is coming). If PYM had some actual success I am sure the price would increase a lot more than $0.002 before quickly losing half of that. Genuine success would be priced in, it would amaze the market and it would be a first.
The price of oil isn't all that relevant when year after year you fail to produce anything and create non producing wells, either because there's no oil in your land or because you have a talent for stuffing every single attempt up. The price has fallen through times and high and low oil prices, it's not just now.
If the oil/energy sector picks up, I doubt it will help PYM much. Regardless of the outlook and sentiment, you can't make money by drilling failed wells.
The 10 year oil price chart certainly is interesting though! Very tempting to look at it and see the similarity in the current dip and what happened about seven years ago, with the expectation of a similar recovery coming soon. There's a lot of different factors working now though, so it's very hard to predict in my opinion. Who knows what games Saudi Arabia has in mind? I personally suspect they want to make oil look cheap to encourage away from investment in alternatives like electric cars etc., and to hold on to the oil addiction. That won't be effective simply with a similar dip to the last one, so they'll be looking for a longer period of lower prices. Of course, there's no much potential for conflict in the middle east now, and that could really change things. The capacity for the US to produce shale oil is huge compared to 2008... it's just so difficult to call.
PYM Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
