As long as our masters want to prop up the ME by buying their crap I do not care.
Others are saying that oil prices won’t drop below $20.
Interesting story here, sourced to industry insiders, rather than the hedge fund gamblers.
http://bizbeatblog.dallasnews.com/2015/09/kelcy-warren-warns-oil-industry-to-brace-itself.html/
I hope not. I want gas under a buck like it was in the 90’s.
I’m sure that the hedge fund crowd can figure out how to manipulate the commodity markets to drive the prices back up.
We’re on our way to a glut of oil, and $3.00 gas again! Hooray!
P/E Ratio trends for many oil stocks are still in an upward trend. So the current ratio’s are still high (historically for these stocks) given the current earnings forecasts. I see they’re down again today (some at multi-year lows)...I expect them to come down some more, unless earnings are revised upward. Given the global economic slowdown it might still be a while until these stocks recover. That said, if they get much lower I might start building a position on them.
Refining capacity hasn’t increased in ages, so I don’t expect gas prices to get much lower.