I remember a GS recommendation to buy WCOM the day after it tanked. I'm not sure what the price was. But the next day, I saw Goldman on the offer selling MILLIONS of shares. Yea rite, their analysts ask you to buy and their trading side sells the shit out of a stock. I don't care a damn what these firms say. On the other hand, Oil is definitely going to be very expensive in the near future. Lets face it, during the Iran-Iraq war it was much higher than today's price (if you take into consideration inflation). Oil in today's dollars was about 90. This was 25 years ago. So I wouldn't treat it as a surprise if prices flirt between 60 and 90 during the next 2 years. But the GS recommendation makes me think the short term price might fall to support before making that 'superspike'.
okay, fwiw... the crude oil futures finished at $50.25/bbl today. spitzer should be all over GS by now. unless of course, he too had some oil stocks he wanted to cash out of. maybe i'm jumping the gun, but I say we see $40 before $105.
Who knows? I'm long 4 contracts. Holding it as long as the price goes up. If the price of crude oil keeps going higher and the price of corn keeps going lower someday we might burn corn instead of oil.
down 8$ since that report jackass never thought he might piss off Greenspan. People thing AG is a nice old man - he's a prick. He probably assigned 30 or so of his 300 economists to rip that report a new ahole and give him some lines to read - "we are aready seeing a reduction in demand" 7 words smoked a 40 page report Geo.
Almost forgot regarding my first attack on GS - I've read it now. It is an excellent and very thorough workup on oil stocks - what I'd want to know if I were going to invest I'm ready to argue the rest of it. Better predictive information would be available from a kid with pimples selling cars and trucks imo. Geo.
Saudi's have been talking about increased production for months. Interesting speculation here: http://english.aljazeera.net/NR/exeres/08B97BCF-7BE6-4F1D-A846-7ACB9B0F8894.htm
The whole reason this post was started was to point out the obvious fact that GS was caught with there pants down and they will get away with it no matter what we say, even if they get busted they have a scap goat in the analyst. Although this is a sad state of affairs I hope everyone in here was wise enough to profit off of it.
what else is new... i remember when cohen was taking sheep to the slaughter house in 2000... $10 oil was amazing, we made so much money back then that it was almost a crime. they were throwing away quality companies near book value. look at today's environment, $50 dollar oil and analysts along with investors are complacent about oil service companies. if you are in oil service and are not making and booking deals hand over fist right now then it will never happen. look at all the oil mergers that took place since $10 oil in 1998...amazing how this industry is consolidating still, day by day. alex
Here's some fuel for thought: Oil Fields Are Refilling... Naturally - Sometimes Rapidly There Are More Oil Seeps Than All The Tankers On Earth By Robert Cooke Staff Writer - Newsday.com 4-10-5 Deep underwater, and deeper underground, scientists see surprising hints that gas and oil deposits can be replenished, filling up again, sometimes rapidly. Although it sounds too good to be true, increasing evidence from the Gulf of Mexico suggests that some old oil fields are being refilled by petroleum surging up from deep below, scientists report. That may mean that current estimates of oil and gas abundance are far too low. Recent measurements in a major oil field show "that the fluids were changing over time; that very light oil and gas were being injected from below, even as the producing [oil pumping] was going on," said chemical oceanographer Mahlon "Chuck" Kennicutt. "They are refilling as we speak. But whether this is a worldwide phenomenon, we don't know." Also not known, Kennicutt said, is whether the injection of new oil from deeper strata is of any economic significance, whether there will be enough to be exploitable. The discovery was unexpected, and it is still "somewhat controversial" within the oil industry. Kennicutt, a faculty member at Texas A&M University, said it is now clear that gas and oil are coming into the known reservoirs very rapidly in terms of geologic time. The inflow of new gas, and some oil, has been detectable in as little as three to 10 years. In the past, it was not suspected that oil fields can refill because it was assumed the oil formed in place, or nearby, rather than far below. According to marine geologist Harry Roberts, at Louisiana State University, "petroleum geologists don't accept it as a general phenomenon because it doesn't happen in most reservoirs. But in this case, it does seem to be happening. You have a very leaky fault system that does allow it to migrate in. It's directly connected to an oil and gas generating system at great depth." What the scientists suspect is that very old petroleum -- formed tens of millions of years ago -- has continued migrating up into reservoirs that oil companies have been exploiting for years. But no one had expected that depleted oil fields might refill themselves. Now, if it is found that gas and oil are coming up in significant amounts, and if the same is occurring in oil fields around the globe, then a lot more fuel than anyone expected could become available eventually. It hints that the world may not, in fact, be running out of petroleum. "No one has been more astonished by the potential implications of our work than myself," said analytic chemist Jean Whelan, at the Woods Hole Oceanographic Institution, in Massachusetts. "There already appears to be a large body of evidence consistent with ... oil and gas generation and migration on very short time scales in many areas globally," she wrote in the journal Sea Technology. "Almost equally surprising," she added, is that "there seem to be no compelling arguments refuting the existence of these rapid, dynamic migration processes." The first sketchy evidence of this emerged in 1984, when Kennicutt and colleagues from Texas A&M University were in the Gulf of Mexico trying to understand a phenomenon called "seeps," areas on the seafloor where sometimes large amounts of oil and gas escape through natural fissures. "Our first discovery was with trawls. We knew it was an area of massive seepage, and we expected that the oil seeps would poison everything around" the site. But they found just the opposite. "On the first trawl, we brought up over two tons of stuff. We had a tough time getting the nets back on board because they were so full" of very odd-looking sea.floor creatures, Kennicutt said. "They were long strawlike things that turned out to be tube worms. "The clams were the first thing I noticed," he added. "They were pretty big, like the size of your hand, and it was obvious they had red blood inside, which is unusual. And these long tubes -- 3, 4 and 5 feet long -- we didn't know what they were, but they started bleeding red fluid, too. We didn't know what to make of it...." Full article: http://thetruthseeker.co.uk/article.asp?ID=2987