re: "within spittin' distance ($17.46) of 18 DOLLARS A BARREL!"
That was very inspirational. Uplifting.
I'm a "Buy on despair, sell on euphoria" investor, trying to decide if it's time to sell everything I bought in this sector in January. Reading today's posts on this thread, and in particular your post, makes me think it's time to sell. The mood sure has changed, very fast.
Oil consumption has not gone up, yet. Asia might recover, and buy more oil. Or, then again, maybe not. OPEC might make all the cuts they've promised. Or not. Lots of unknowns.
The only fact, in your post, was the price of oil. I think it would be useful, on this thread, to have a serious discussion to answer the question: What oil price is sustainable, long-term?. That is, how high can it go, before the next move is likely to be down? IMO, an oil price of 18-20 $/B is the maximum sustainable. Anything above that, and OPEC discipline will break down, supply will increase, and prices will come down. |
