Has Oil Bottomed? America's most successful oil man thinks so

Has Oil Bottomed? Continental Resources Thinks So

By Ben Levisohn

When Continental Resources CLR revealed that it had cashed in its hedges on the price of oil–earning $433 million in the process–it was also making a big bet on the price of oil rising. Wunderlich’s Jason Wangler explains:…the company put its money where its mouth is or more properly took the money and ran by cashing in its oil hedges through 2016. If nothing else, we like the gutsy move as we agree with the oil price thesis that these levels are unsustainable.Now that Continental has monetized its hedges, at a tidy $433 million profit, by the way, the company is truly playing the oil market. Given our thesis about oil moving back into the $90/bbl range since Saudi is the swing player, we like the move as our expectations are aligned with Continental…If you want to play oil prices at this point, why not play Continental?Shares of Continental Resources have gained 4.8% to $55.47 at 1:28 p.m., easily topping the 1.4% rise in the Energy Select Sector SPDR ETF XLE, as oil prices have gained 1.4% to $78.97.

via Has Oil Bottomed? Continental Resources Thinks So – Stocks to Watch – Barrons.com.

The Sax Angle perspective is that oil stocks will bottom before the price of oil.  If that’s true, we may have seen the bottom on October 15th.