Boone Says Oil Goes to $125 Soon; Soros Calls It a Bubble

[haha]

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

 

[Notmuchlonger]

Wasn't his prediction before this latest one wrong?

 

[haha]

Wasn't his prediction before this latest one wrong?

Yes; in January 2008 I think he said prices would be short term weak.

Ha

 

[Notmuchlonger]

Well I hope hes wrong again.

 

[Orchidflower]

The folks in Houston must be jumping up and down for joy now.

 

[haha]

The folks in Houston must be jumping up and down for joy now.

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

 

[Dawg52]

Yes; in January 2008 I think he said prices would be short term weak.

Ha

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?

 

[haha]

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?

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

 

[FUEGO]

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?

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.

 

[Notmuchlonger]

Well he has a 50/50 chance to be right. Unless it stays the same.

 

[haha]

Well he has a 50/50 chance to be right. Unless it stays the same.

Well, Pickens is no ordinary hack trying to eke out a living telling others what is going on.

On form, I'd say he has greater than a 50% chance of being right. Or put it this way- I would much rather bet with Boone than against him.

Plus, when he goes quail hunting he doesn't confuse the people with the birds.

Ha

 

[Ed_The_Gypsy]

The folks in Houston must be jumping up and down for joy now.

We be jammin' up here in Calgary, AB, too!

 

[Olav23]

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!)

 

[Grizz]

We be jammin' up here in Calgary, AB, too!

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.

 

[chinaco]

He is correct! The timing may be in question. Oil prices will break that barrier because long-term demand is rising.

 

[Notmuchlonger]

Pile into oil then?

 

[Patrick]

Pile into oil then?

I can DIG it!

 

[Notmuchlonger]

I can DIG it!

Because its different this time right?

 

[Patrick]

Because its different this time right?

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 . . .

 

[MGYog]

OIl/Gas

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.