Give the man his due, God damn it.
The man from Virginia Beach toils away, day in and day out, to provide you with actionable, and very sagely posts, regarding the price of crude oil and oil, denominated in over 50 currencies, and all you do it throw your teevee dinners at him, whenever he comes on the tube.
Today he declared oil to be completely screwed, with producers in the streets. He cited small pockets of oil dubbed “Western Canadian Select” for whoring their oil for a pittance of just $14 (lolz), and how it’s literally fucking WTI. I truly don’t think Western Canadian Select is having all that big an impact. Then again, I’m not Dennis “In Winning Terms” Gartman, am I?
Dennis posits oil will crater, the fuck, down to ‘egregious levels’–$15 to $18, at which point it will then become a buy. Also, Dennis says China is no longer filling up their reserves and how the Saudis and Iraqis are retarded, leaving the onus on U.S. frackers to act responsibly and cut production.
Pressure remains on crude and we’re now entering margin call panic trading.
If you recall, Le Fly predicted “low 20’s” for crude in 2016.
That is all.
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…at which point it will then become a buy.
yeah? and where does he plan to store it? in his basement perhaps?
Your predictions for 2016 are already looking prescient.
You know what is going to be so cool, companies are going to report good earnings, everyone buys in on the news, then they will drop like crazy like 2008. Oil going lower is a BIG duh, I am just so surprised how long this bull bubble held on. Oil now at 30, and Copper below 2.00…just the start of the ugly that is out there.
The damn actual barrel must be worth at least $20.
Last week Dennis said that oil would trade in a range but already oil has dropped below that range and hence a new prediction. I’m almost sure CNBC has deployed some sort of memory erasure technology to those who watch the show (I’m left-handed so I’m protected).
Can’t be serious. This guy has a 5% accuracy rate and now he’s the guru on oil?
If I win Powerball I am putting all 1.4 billion to work fading this assholes calls.
LOL.
The Saudis have no income tax and they just floated $12 billion to cover their budget deficit. It’s against their religion to borrow so how long do you think it will be before they raise their oil price? Less than a year. In fact, oil would have to go up $22 per barrel today and for 270 days in a row for them not to damned by Allah. Expect a big move up.