Goldman Says `Take Profits' After Crude Hit Record

[Bear Plunger]

Quote from petrotrader:

The pit guys have become dinosaurs, take a look at how much volume is done on Globex these days vs. the pit. They're even starting to lose the volume in short dated options to the screen. As soon as you can trade outright option spreads on the screen the floor is done.

RE: Eric Bolling

Add to the fact that people have probably never actually followed up on some of this guys calls.

I remember when he called a 'reverse head & shoulders' to buy NG with a target of 10. If anyone actually trades NG last spring, you know what happened around June.

Obviously traders can't be right all the time, but why these guys even make calls on TV, I have no idea.

 

[arealpissedgoy]

Quote from crgarcia:

Lets suppose GS has indepth analysis about the oil trend

Why would they reveal it to retail investors?

Either they are already short and want you to sell so they profit.

Maybe it will go up further, they want to buy what you dump, so they profit.

In both scenarios they profit, you miss opportunities.

How many "retail" investors trade crude oil? yeah, that's what I thought.

I'm with GS on this one. Current crude price has a large premium above fair price, it's called speculative nonsense supported by an oil president. There is absolutely zero fundamental underpinnings.

As for the "peak oil" group, I suggest you worry more about your water than your gasoline. Current crude reserves will last 1000 years, however your water will be running out within your childrens generation.

 

[PohPoh]

Quote from arealpissedgoy:

How many "retail" investors trade crude oil? yeah, that's what I thought.

I'm with GS on this one. Current crude price has a large premium above fair price, it's called speculative nonsense supported by an oil president. There is absolutely zero fundamental underpinnings.

As for the "peak oil" group, I suggest you worry more about your water than your gasoline. Current crude reserves will last 1000 years, however your water will be running out within your childrens generation.

WEll you are wrong about this...
current crude reserves are roughly 1.2 trillion barrels...and being added to, but at a much slower rate than before...
even at 90 million barrels per day use (about 4% higher than what we have now), we have about 35 years of supply...

 

[Moderate]

Quote from arealpissedgoy:

How many "retail" investors trade crude oil? yeah, that's what I thought.

I'm with GS on this one. Current crude price has a large premium above fair price, it's called speculative nonsense supported by an oil president. There is absolutely zero fundamental underpinnings.

As for the "peak oil" group, I suggest you worry more about your water than your gasoline. Current crude reserves will last 1000 years, however your water will be running out within your childrens generation.

so where can we trade water

 

[JSSPMK]

Quote from makloda:

Translation GS wording -> English: "We're short Crude Oil to the hilt"

that's my take:

Sell Sell Sell, you sell, price goes up, you lose.

Moral of the story according to GS - you're a loser, just accept it and let us manage your capital

 

[tommymoose]

Quote from Moderate:

so where can we trade water

You can INVEST in water with a couple ETFs... PHO or CGW... the latter was the one recommended to me.

 

[Futureslivepro]

Oil along with other commodities wont just peak because goldman thinks so.
It may dip, but the fundamentals such as a commodities bull market, middle east tensions, and a weakening dollar all point to $100+ oil very soon.

Any dip is a buying opportunity.

 

[kashirin]

Quote from PohPoh:

WEll you are wrong about this...
current crude reserves are roughly 1.2 trillion barrels...and being added to, but at a much slower rate than before...
even at 90 million barrels per day use (about 4% higher than what we have now), we have about 35 years of supply...

add oil sands and oil shale and we can easily last for 200 hundred years
it just for proven reserves
it's likely those proven reserves would go up
so add another 100-200 years
if we count other substitutes like NG and Coal it's nother 500-700 years
so we have already 1000 years to go
don't forget about coservation and other types of energy like wind solar nuclear etc.
so we probably have 2000-3000 years
to go without problems even if conventional oil is over
by that time our scientits will find the way to generate fusion energy
although I think it will happen within 100 years and all other types of energy will become irrelevant

 

[Ivanovich]

Quote from kashirin:


so we have already 1000 years to go

Pass the pipe, man!

Quote from kashirin:


scientits

Don't pay attention, they aren't real.

 

[Surdo]

We just took out the old high in CL!