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Boone Says Oil Goes to $125 Soon; Soros Calls It a Bubble
04-17-2008, 05:06 PM
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#1
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Oil prices headed toward $125/barrel: Pickens | U.S. | Reuters
Bloomberg.com: News
Actually they appear to be in agreement as to direction, but Boone isn't saying bubble.
It will go up," said Pickens, who heads the BP Capital hedge fund with over $4 billion under management. "Oil is moving to a substantially higher level -- say above $125 a barrel."
U.S. crude futures hit a record $115.54 on Thursday. Oil prices have more than quintupled since 2002, propelled higher by soaring demand from emerging economies like China alongside slow increases in global production capacity.
Despite new production from the Canadian oil sands and elsewhere, Pickens said global crude oil production is unlikely to rise above its current rate of about 85 million barrels per day, while global demand will likely hit 87 million bpd in the third quarter of 2008.
Pickens also expects U.S. natural gas prices to rise from current levels near $10 per million British thermal units to $12-$14 this upcoming winter.
Pickens, in Washington on Thursday to deliver a speech about energy at Georgetown University, made more than $1 billion in 2006 by betting on rising oil prices.
Ha
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Last edited by haha; 04-17-2008 at 05:21 PM.
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04-17-2008, 05:23 PM
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#2
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Wasn't his prediction before this latest one wrong?
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04-17-2008, 05:40 PM
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#3
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Give me a museum and I'll fill it. (Picasso)
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 Quote:
Originally Posted by Notmuchlonger
Wasn't his prediction before this latest one wrong?
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Yes; in January 2008 I think he said prices would be short term weak.
Ha
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Above all, humans are political animals.
Nota bene: I am either a moron or an idiot. So don't pay any attention to anything I say or you are one too. Please consult your financial advisor, astrologer or proctologist for whatever it may be that you are seeking.
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04-17-2008, 05:41 PM
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#4
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Well I hope hes wrong again. 
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04-17-2008, 06:52 PM
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#5
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Quote:
Originally Posted by haha
Yes; in January 2008 I think he said prices would be short term weak.
Ha
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In fact he predicted oil would sink to the high 80's and was shorting oil. I wonder when he bailed from his short position? 
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Full time wuss............
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04-17-2008, 07:43 PM
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#6
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Pickens' hedge fund lost over 20 percent in the first three months of 2008 on a bet that oil prices would fall.
Pickens said his fund is now looking for oil and natural gas prices to rise.
Ha
__________________
Above all, humans are political animals.
Nota bene: I am either a moron or an idiot. So don't pay any attention to anything I say or you are one too. Please consult your financial advisor, astrologer or proctologist for whatever it may be that you are seeking.
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04-17-2008, 08:01 PM
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#7
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Well he has a 50/50 chance to be right. Unless it stays the same. 
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04-17-2008, 08:00 PM
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#8
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I think he switched from short to long on the day before this article was published. Pure speculation on my part, but you got to talk your book.
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04-17-2008, 05:57 PM
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#9
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The folks in Houston must be jumping up and down for joy now.
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04-17-2008, 06:25 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
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Quote:
Originally Posted by Orchidflower
The folks in Houston must be jumping up and down for joy now.
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My favorite thing about Boone is that he made a giant fortune, speculating with his brain, as an old man!
Doesn't get any better than that.
Ha
__________________
Above all, humans are political animals.
Nota bene: I am either a moron or an idiot. So don't pay any attention to anything I say or you are one too. Please consult your financial advisor, astrologer or proctologist for whatever it may be that you are seeking.
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04-17-2008, 09:51 PM
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#11
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Quote:
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The folks in Houston must be jumping up and down for joy now.
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We be jammin' up here in Calgary, AB, too!
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I'm so broke, I can't pay attention!"
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04-17-2008, 11:07 PM
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#12
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Recycles dryer sheets
Join Date: Jul 2005
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Either way, I've enjoyed the ride up on DJP. Wondering when I should take some money off the table, but it seems like no end in sight! (up 40% over 1 year and 3 months!)
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04-18-2008, 01:28 AM
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#13
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Recycles dryer sheets
Join Date: Jun 2007
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Quote:
Originally Posted by Ed_The_Gypsy
We be jammin' up here in Calgary, AB, too!
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Doin' the happy dance in Edmonton for now too, BUT if oil goes higher, then the Canadian dollar is going to go even higher against the U.S. and I think that could easily price Canada out of the suppliers market for the U.S., and that will lead to lots of oil and gas exploration in the U.S. and none here.
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04-18-2008, 04:11 AM
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#14
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He is correct! The timing may be in question. Oil prices will break that barrier because long-term demand is rising.
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Planned FIRE Summer 2011
Disclaimer: I make no warranty or guarantee about the accuracy or completeness of this information. I am not a financial planner, my comments only represent my opinion.
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04-18-2008, 10:23 AM
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#15
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Pile into oil then? 
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04-18-2008, 10:35 AM
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#16
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Full time employment: Posting here.
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I can DIG it! 
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04-18-2008, 10:47 AM
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#17
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Because its different this time right?
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04-18-2008, 01:57 PM
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#18
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Full time employment: Posting here.
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It's a joke. DIG is an oil ETF. And you said "pile" which is a kind of drill, so I thought you were joking, too.
But hey, it very well could be different this time. Or maybe it'll just stay the same . . .
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04-19-2008, 09:37 AM
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#19
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Recycles dryer sheets
Join Date: Apr 2008
Posts: 174
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Just saw a documentary on Discovery channel stating that by 2016, we will have run out of drawable sources of oil/gas. Dont think oil will ever be any cheaper. Might as well sock $$$ in oil/gas and hold on.
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