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Call Options on CRC on 10/11/2018

Support on $CRCCalifornia Resources Corporation (CRC) operates as an oil and natural gas exploration and production company in the State of California.

The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities. It holds interests in approximately 2.3 million net acres of mineral acreage.

As of December 31, 2017, the company had net proved reserves of 618 million barrels of oil equivalent. It also generates and sells electricity to the grid and utility customers. 

This is an earnings play. The company is scheduled to report its quaterly results on November 1. Strong oil prices are expected to continue for the next few months. Iran's 2.5 million barrels of oil are expected to be removed on November 4th from the market. The new sanctions by U.S. will prohbit purchase of Iran's oil by end users.

We will be trading November 16th Options

Entry Point: $40.00

Trading Range: $8.84 - $50.34

 

Trade

  • Buy 1 November $40.00 Call at $4.00
  • For a net debit of $4.00

Profit/Loss Analysis

  • Breakeven at $44.00
  • Maximum profit is unbounded
  • Maximum loss is ($400.00) at strike of $40.00

Closing Summary

  • Sold 1 November $40.00 Call at $0.00

Position closed on 11/16/2018 at price of $0.00 with a -100.00% loss in 36 days.

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