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Strategies & Market Trends : CFZ E-Wiggle Workspace

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To: Galirayo who wrote (10082)	3/6/2009 1:54:29 PM
From: rayrohn	Read Replies (2) of 41504

damn u must of miss the pickens memo !!!! Pickens Tells CNBC Oil to Hit $75 a Barrel This Year (Update1) Email \| Print \| A A A By Margot Habiby March 5 (Bloomberg) -- Billionaire hedge-fund manager Boone Pickens told CNBC today that oil prices will reach $75 a barrel before the end of this year. Prices will climb past $60 a barrel before going below $40, he said. Oil for April delivery on the New York Mercantile Exchange fell below $40 a barrel in intraday trading on March 2 and 3. Crude last topped $75 in intraday trading Oct. 21. “I can tell you that OPEC has got to have more money for their oil, and they are going to cut supply and by the end of the year, you’ll be back up to $75,” he said. Members of the Organization of Petroleum Exporting Countries may decide on a fourth supply cut in six months at their next scheduled meeting March 15 in Vienna. Oil futures on the Nymex fell $1.55, or 3.4 percent, to $43.83 a barrel at 12:13 p.m. New York time. They have fallen 58 percent in the past year and are down 1.7 percent in 2009. Pickens said global oil demand will probably outstrip supplies as soon as 2011, because the world can’t produce more than 85 million barrels a day of oil. The U.S. imported 62 percent of its oil last month, down from 67.4 percent in January and 66.5 percent in December, Pickens said today in his third monthly report on foreign oil dependence. The U.S. spent $13 billion on foreign oil in February and $475 billion in 2008. Pickens based his figures on U.S. Energy Department data. “Have we had a breakthrough?” he said on CNBC. “Probably not. We’ve had demand destruction because of the recession and all.”

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