Sold 300 IEO shares on Thursday night at $70.85. Total loss was USD 1042.34. Only bought them to have some exposure to oil when I couldn't find any stocks to buy.
Bought 1800 shares of Genel at 515p on Friday afternoon (London - Friday morning). Total cost was SGD 19,393.51. They dropped 3% in that session. Shit! If only I'd waited a little longer. At 515p, I value them at 12x earnings (@ $70 Brent), excluding failed-exploration costs.
Friday's session was terrible for oil: WT is retesting its lows at $44, Brent closed at $54.64, may soon retest lows around $50.
Still think oil will recover by the end of the year as marginal shale producers go belly-up and cut production. Providing there is no recession. Am 40% invested and looking for more companies to buy. US shale producers are still expensive - they did not drop much on Friday.
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