Posted on 09/07/2016 10:53:30 AM PDT by bananaman22
In mid-January, everyone's favorite market indicator Dennis Gartman, made an infamous prediction when oil was trading in the mid-$30s, when he said that oil won't hit $44 again "in my lifetime"
Sure enough, three months later, oil "killed" Gartman, or at least his credibility, when it jumped above $44.
We thought that Gartman had learned his lesson, and would avoid such bombastic forecasts in the future. Turns out we were wrong, and earlier today Gartman again appeared on CNBC, where he said that "investors shouldn't expect the commodity to break through $55 for a few years."
(Excerpt) Read more at oilprice.com ...
When the so-called experts make such bold predictions, it usually means the opposite will occur, in the very near future.
A little nuke dropped on Mecca can change that overnight.
Apache has just ‘discovered’ a nice patch[2 Bil barrels] around Alpine. Beautiful country.
Yup.
Supply and demand are almost in balance, but no one can afford to do much exploration at these prices. I suspect we will see a spike again well over $80 before companies can get access to the capital necessary to return to large projects. Demand continue to grow and depletion at roughly 4% a year never sleeps, so we have to find new supplies just to keep supplies stagnant.
so, when will it hit $55/bbl again? Any prediction?
Or an Iranian vessel blown out of the water in the Strait of Hormuz.
I know, not too long ago they said it would never go down to $50 again.
Oh no! Crude going to $150! Gartman is only useful as a contrary indicator. Just do the opposite of what he says and there is $$ to be made. I used to subscribe to his service.
I told people this years ago when this stuff was selling at over $100 a bbl.. it was caused by manipulation, not by lack of supply.. contract churners driving up the price for profit.... Its a $40 a bbl commodity all day long, always has been.. and with the US needing to import less and less of it every year, its value going down, not up.
I have family(by marriage) in the business. The company they own and operate is very successful. It is one stop in nature except historically they never owned any rigs, they always leased them. This year they bought 10 rigs (cash) and have them all drilling. I asked the brother that runs the business if he was betting the ranch. He said no. That he can make good money above $40bbp and all the current drilling is pretty much a dead lock. He has been in the oil business all of his 65 year life and has made a fortune. Smart, streamlined and highly efficient operation.
On the mark.
Any POTUS who understands markets would open Federal Lands to exploration and build pipelines into Western Canada.
We are both self sufficient in Oil & Gas as well as a net exporter; despite the schmuck in the WH.
In effect, we have replaced OPEC as the world’s swing producer.
When Trump beats Hillary. It's going to scare the $hit out of the rest of the world.
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