Quote:
Originally Posted by Perfectlap
How quickly we forget...
Baron's reminding of the WTI drop from nose bleeding $146 to $32 in 2008 during the financial collapse. They also point out that commodity funds' NYMEX long positions are so deep, way deeper than 08, that we could see $20 WTI... $1 gas?
For energy stocks, this may be the 2009 equivalent of buying banking stocks for pocket money. Or at least get some OIH bait on your hook, its been pulling on that line looking for a bottom. Down nearly 7% just in the last five days.
Seriously... what we're not going to have oil services anymore? LOL. |
Sold my XOM and PVA at the start of the slide. I'm really starting to get the itch to get back in.
A few years ago I was in a class with a professor who was preaching the doom of our unsustainable oil consumption. While he was showing a
film about how we are about to run out of oil, I was reading an article on my tablet about new advances in fracking starting a new oil boom. It was actually a very well made propaganda 'documentary' and I'm sure that the backers have made appropriate revisions to their view to remain relevant. Must have been 2006 or 2007.
