Buffet says Crude has peaked

Discussion in 'Commodity Futures' started by mhashe, Aug 19, 2005.

  1. mhashe


    Buffett to dump oil shares
    Aug 19 2005 09:19:50:670AM

    Hong Kong - Billionaire investor Warren Buffett believes crude oil prices have peaked and he is considering selling his two billion shares in PetroChina, China's biggest oil company, a report said on Friday.

    "There is talk that he is considering selling his stake because of his view that crude oil prices may have already peaked, and that PetroChina's shares might continue to come under pressure in the coming days and weeks," a market source told XFN-Asia.

    The source said Buffett is said to be considering two options. One is the sale of shares at a discount of 2% without any lock-up period and the second being a sale at a 10% discount.

    "He stands to make a killing from this purported share sale because he is said to have bought those shares at only HK$1.90 (US24c) each which is very cheap compared with its current price," the source said.

    At mid-afternoon on Friday, PetroChina shares fell $0.30 or 4.54% at $6.30.


  2. i dont aways agree with the Vaunted One but i think he's close (i've posted so in "housing crash" thread) and certainly hope so.
  3. it could be true for now. a lot of things are lining up.

    1. the spr is full.

    2. the summer driving season is about over.

    3. the first signs of price limiting demand is showing up.

    a.) "There is talk".

    b.) "[selling] pressure in the coming days and weeks".

    Yes, we all know Buffett's time horizon is a few days and weeks. Not years, if a generation.

    Sounds like it is time to get REAL long energy futures into weakness. Most likely we are on the brink of a serious crash higher.

    China is facing such serious supply issues for gasoline that they are sending emergency shipments into wealthy residential zones.

    Of course, "there is talk" that Buffett is concerned about "continued pressure" on PTR in the "coming days and weeks".

    Let's turn the alarmist talk on it's head. It is quite likely that we might be embarking on Goldman's superspike scenario. In fact we are one terrorist attack in Saudi Arabia away from it.
  5. Sam123

    Sam123 Guest

    Buffett believes the world will believe him, and the speculators will follow. This has nothing to do with global supply and demand, but rather, what Buffett hustles.
  6. Most Asia-based journalists working for regional based outfits are frightningly clueless about issues/sources back in N America.

    I wouldn't even wipe my ass with this article ...
  7. Certainly PTR has retraced from a peak at around $91 to around $82.7 today - over the last few weeks, on risiing volume this week.

    Maybe knobhead is actually already getting out - or is playing games with such statements - AGAIN!
  8. yeah he may be getting out...and hopes you are too, so he can get right back in at a much cheaper price. He the heck accually believes that he would anounce his moves?
  9. Take a chill pill dodo. If you read my post carefully, I said there has been a retracement over the past few weeks in PTR. On Volume. That is the only security I was referring to, not CL or QM, or any energy or oil firm, just PTR.

    However, considering his stake in PTR, even the total volume over the last few weeks is a piss in the ocean compared to what he has.

    Secondly, I don't believe anything any market knobjockey ever says, anywhere. (Including ET, or tigharse buffet).

    Is the price action in PTR due to the Asian markets, profit taking/pullback, or manipulation (or it just is what it is)? Anything is possible...
  10. imc


    Does anyone know if Mr Magoo is still short the Dollar?
    #10     Aug 20, 2005