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11-30-2005, 05:37 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Oil Prices (Again)
Saw where oil had dropped below $56 per barrel. Interesting to see what we were predicting on the board just a few months ago...
http://early-retirement.org/forums/i...p?topic=3825.0
__________________
Numbers is hard
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11-30-2005, 07:31 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Location: DFW
Posts: 2,016
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Re: Oil Prices (Again)
Love it.* Doom and gloom is almost always wrong.*
Maybe you should start a poll on how far it will fall!*
__________________
Resist much. Obey Little. . . . Ed Abbey
Disclaimer: My Posts are for my amusement only.
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11-30-2005, 07:46 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,610
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Re: Oil Prices (Again)
My post in August>>>Contrived?? Don't know about that, but many big oil companies are enjoying huge profit margins because they are gaming the system.
Sure it's free enterprise at its best, and so long as everyone loves it, I'd do what I'm doing: : :Own lots and lots of oil, however, be prepared to sell lots and lots of oil one day in the future. >>>
So far that is what I've done.* Held lots of oil til about 10 days ago.
Not holding much now.* And yes, I still believe many in the industry were gaming the system.*
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11-30-2005, 07:49 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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Re: Oil Prices (Again)
He he, I was right in the other thread.
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11-30-2005, 10:04 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,071
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Re: Oil Prices (Again)
Ahhhh, but we're never wrong in the long run :
http://www.kuwaittimes.net/localnews...artid=37595069
--Greg
__________________
Compounding: Never forget! Never not remember!
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11-30-2005, 10:30 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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Re: Oil Prices (Again)
Quote:
Originally Posted by Apocalypse . . .um . . .SOON
Ahhhh, but we're never wrong in the long run :
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I think the oil supply may eventually decrease on a permanent basis globally. I think we'll also see demand decrease when high prices encourage substitution of goods. I'm neutral on oil. Not overweighting it, not underweighting it. Just staying invested in whatever my index funds own. I think energy is around 10% or so.
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11-30-2005, 12:17 PM
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#7
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Re: Oil Prices (Again)
And don't forget this article from Aug 31:
Experts: $4 a gallon gas coming soon
Pricing analysts say consumers can expect even higher prices at the pump.
August 31, 2005: 12:37 PM EDT
By Grace Wong, CNN/Money staff writer
NEW YORK (CNN/Money) - Consumers can expect retail gas prices to rise to $4 a gallon soon but whether they stay there depends on the long-term damage to oil facilities from Hurricane Katrina, oil and gas analysts said Wednesday.
"There's no question gas will hit $4 a gallon," Ben Brockwell, director of pricing at the Oil Price Information Service, said. "The question is how high will it go and how long will it last?"
OPIS tracks wholesale and retail oil prices and provides pricing information for AAA's daily reports on fuel prices.
Brockwell said with gasoline prices now exceeding $3 a gallon before even reaching the wholesale level, it "doesn't take a genius" to expect retail prices to hit $4 a gallon soon.
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11-30-2005, 01:14 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Re: Oil Prices (Again)
I wouldn't get too smug just yet. Pretty much all energy prices went straight up today based on the Midwest cold snap that is headed due east. The front month contract for natural gas went up almost 8% today!
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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11-30-2005, 01:18 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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Re: Oil Prices (Again)
Wouldn't it be funny if we start seeing pundits predicting $10/barrel oil and $1/gal gas? Might happen if the oil starts dropping in price.
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11-30-2005, 01:18 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Re: Oil Prices (Again)
True, oil dropped but it still around $55 a barrel...far cry from $35-$40. *Cold winter & natty gas will stay high if not higher.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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11-30-2005, 02:38 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2003
Location: Nomadic in the Rockies
Posts: 2,720
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Re: Oil Prices (Again)
Anyone still have canned gas left over? I guess I need to pour that 5 Gallon can of $3 gas in the tank now, but somehow it seems cheaper to go to the pump .
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11-30-2005, 02:40 PM
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#12
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Full time employment: Posting here.
Join Date: Aug 2004
Posts: 911
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Re: Oil Prices (Again)
Whew, looks like I didn't pretend to be a soothsayer that time...
[me=Marshac]watches the dow and nervously remembers his eoy prediction....[/me]
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11-30-2005, 05:08 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Re: Oil Prices (Again)
__________________
Retired early, traveling perpetually.
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11-30-2005, 07:38 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Re: Oil Prices (Again)
I tend to put my money where my mouth is. I have made huge capital gains in oil and gas over the past 2.5-3 years. Whatever is in tax-deferred accounts I have sold- not because I know it is going down, but because I am not so sure it is going up right now.(Oil, not gas) I have natural gas royalty trusts and partnerships that I will never sell- the basis is almost 0, and they are in taxable accounts. I also have a* driller with big gains that I would like to hold off on realizing at least until 2006. I am a little nervous on this one
IMO, crude and natural gas is a play with many acts, and it is a long way from being over yet. It may never be over, until we manage atomic fusion.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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11-30-2005, 07:40 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Re: Oil Prices (Again)
Quote:
Originally Posted by HaHa
... It may never be over, until we manage atomic fusion.
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That's cold. Or is it?
__________________
Numbers is hard
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12-01-2005, 09:01 PM
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#16
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Recycles dryer sheets
Join Date: Jul 2002
Posts: 422
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Re: Oil Prices (Again)
Just a good chance to load up on more oil I think. Cheers!
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12-01-2005, 09:18 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Re: Oil Prices (Again)
Grantham's (whom I respect) views on energy:
"'Over the years,' he explains, 'we have asked over 2000 investment professionals [if they knew of] an exception to our claim that every asset class move of 2 sigma away from trend had broken [back down to trend].'
Unfortunately, Grantham confesses, 'not one of the 2000 ever offered an exception! ... But we have always said that intellectually, you could imagine a paradigm shift in an asset class price, even if we have been unable to document one yet in history.'
He believes crude oil is capable of resisting the powerful forces of mean-reversion. 'It's the best possibility I've seen in my career,' he says. 'But the investment desert is littered with the bones of those who bet on new paradigms."
http://www.investmentu.com/IUEL/2005/20050512.html
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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12-01-2005, 09:42 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,610
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Re: Oil Prices (Again)
Quote:
Originally Posted by wildcat
Grantham's (whom I respect) views on energy:
"'Over the years,' he explains, 'we have asked over 2000 investment professionals [if they knew of] an exception to our claim that every asset class move of 2 sigma away from trend had broken [back down to trend].'
Unfortunately, Grantham confesses, 'not one of the 2000 ever offered an exception! ... But we have always said that intellectually, you could imagine a paradigm shift in an asset class price, even if we have been unable to document one yet in history.'
He believes crude oil is capable of resisting the powerful forces of mean-reversion. 'It's the best possibility I've seen in my career,' he says. 'But the investment desert is littered with the bones of those who bet on new paradigms."
http://www.investmentu.com/IUEL/2005/20050512.html
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That's a good read, but I only partly agree.* I do think oil is the rare paradigm shift, and I do think he has housing nailed.* However, no way can I buy the thought that the S&P 500 is a bubble, nor do I think the market is 30 to 40 % overvalued.* Not now, sometime maybe, but not now.*
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12-02-2005, 09:04 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,071
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Re: Oil Prices (Again)
Quote:
Originally Posted by wildcat
Grantham's (whom I respect) views on energy:
"'Over the years,' he explains, 'we have asked over 2000 investment professionals [if they knew of] an exception to our claim that every asset class move of 2 sigma away from trend had broken [back down to trend].'
Unfortunately, Grantham confesses, 'not one of the 2000 ever offered an exception! ... But we have always said that intellectually, you could imagine a paradigm shift in an asset class price, even if we have been unable to document one yet in history.'
He believes crude oil is capable of resisting the powerful forces of mean-reversion. 'It's the best possibility I've seen in my career,' he says. 'But the investment desert is littered with the bones of those who bet on new paradigms."
http://www.investmentu.com/IUEL/2005/20050512.html
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My bet is that the paraigm shift has already occured: Billions of new users in Asia with money and a desire for vehicles. About three-four years ago China consumed one barrel of oil/person/year. Now it's close to two .
__________________
Compounding: Never forget! Never not remember!
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12-02-2005, 09:05 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Re: Oil Prices (Again)
I knew I would win over Greg with that post*
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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