Well thats it...Forbes on Fox just announced that they think oil is going up to the 100 buck level.. "Cashin' in" is coming on next for your "next plate of"... inside, fair and balanced news...
I heard one guy say he thought oil was going to $100 per barrel. Another guy said he thought it was going to $55, a gal said she thought it would be flat. Are you sure you were watching the program? OldTrader
Just the headline at the bottom of the screen...The commentators closing with "the last comments" were interesting... Oldtrader, where do you think oil is heading? would you waffle like one of them...? (you know... that one skinny geek in the end)
Yeah, I'd probably be a "waffler" on it right now. Alot depends on the time frame. I play oil from the buy side, I don't ever short it. I get out of longs at times, but again, I don't play the short side. Too much potential for something to happen that would create upside in my view. Right now I'm really more interested in natural gas. We have huge supplies of natural gas...but then again, we had a mild winter last year. In fact, it's been a while since we had a tough winter. I don't know if we're going to have one this year, but if we do, those natural gas supplies are going away. I'm playing NBR, the largest land driller in the US. Trading at a low PE, great earnings picture, and if natural gas goes up this winter...this stock has some real upside. Trade it at your own risk. I get in and out of this, but right now I'm long. Back to oil, I think it may bounce a little short term. But I'm not expecting much upside here. OldTrader
I will go on record to "predict" that oil will see 100/barrel next summer. My premise... Elections coming up Hybrid manufacturers proliferating, creating immediate lowering demand. SUV's out of favor with the US consumer recently. Opec raises prices for any reason...more supply needed for winter...raise em'...less demand from the USA...raise em'....more demand needed for next summer...raise em'....send a message....raISE EM' Opec to consider higher demand from "Key Countries" equals lower price to the Chinese. This would negate everything that Opec was formed for. But why not...join with Europe if not the Chinese what the heck...More Muslims there... Iran needs the money from their only export, to support their infrastructure. They will literally be begging OPEC for higher oil after the sanctions.. (Will we get rid of that "little short loud mouth" in Iran as we did Saddam Hussein when he asked for higher oil?) Mexico and the USA better get immigration policy figured out...or Chavez will be standing next to Iran in the higher oil line and become a member of the "axis of evil"... Stimulating and thought provoking post without any credibility... Michael B.
Imagine that...Ricardo changing his name to Mohammad...The former Pope would turn in his grave... Mexico and the USA better get immigration policy figured out...or Chavez will be standing next to Iran in the "higher oil line" and become a member of the "axis of evil"... stimulating conversation for sofa-economists and the CNBC/Fox listeners Michael B.
Interesting points. I am short energy myself. And after checking NBR I will say it hits 25.50 before 36.50.... that's just my humble opinion of course.... Let's see what happens..... Good luck !
OPEC has not "controlled" the oil market for several years now. Too many members with too much diverse needs and there is a very large number of other supplier countries. It is in everyone's best long term interest for oil to come down to around $35-50. Natural gas is the quandry. Guys I know who actually drill, store, sell, ship and trade the stuff shrug their shoulders. They don't know either. The far out contracts are around $12-14 while the cash market is $7. Somebody is wrong, LOL!!! SteveD
Funny, when Oil was $25 you never heard anyone talk about it going to $40 or $50. Another very interesting thing about oil prices, is that the big big rise began when CNBC began doing live brodcasts from the NYMEX a few times a day back in May 2005. Maybe just coincidence. But i noticed oil became super in play shortly there after and really has been one of the few games in town since. Remember the Tom Costelo nasdaq reports during 1999 and 2000.? But when it hit $78 few weeks ago, every one said it would quickly be $100. Now oil is back to $71. Seems unlikely, but maybe Iran will agree to halting nuclear program at end of month. That could cause the long overdue super gap down in oil $5-10. I personally do not think Oil is overpriced, rather it was underpriced for many years. But it traded $58 in December and nothing has really changed in last 8 months of much significance. So the price could easily fluctuate downward by $12 at any time.
6 months ago, he was on CNBC saying Oil was going to $35. Good thing he was born rich or he would have gone broke trying to trade. Who cares what he thinks? Forbes and Paris Hilton both got rich the same way - they chose their parents well. Does anyone care about Paris Hilton's view of the Oil market??? http://www.forbes.com/business/feeds/afx/2005/08/30/afx2195813.html "08.30.2005, 05:20 AM SYDNEY (AFX) - Oil prices are set to crash from this week's record highs as a speculative market bubble bursts with an impact that could make the hi-tech bust of 2000 'look like a picnic', business publisher Steve Forbes has predicted. Forbes said the high oil prices currently dampening the US economy, which peaked at more than 70 usd a barrel yesterday as Hurricane Katrina headed for the US Gulf Coast, would fall to 30-35 usd a barrel within a year. 'I'll make a bold prediction... in 12 months, you're going to see oil down to 35-40 usd a barrel,' he said, according to Agence France-Presse."