RE:RE:RE:RE: 1 $ over the close yesterday and the share is down???DogOfBayStreet wrote: DogOfBayStreet wrote: OPEC has their plan, i.e to wipe out high cost producers first. They have gone this far and will not cut until that happens. Wake up boys, dont get fall for the head fake. $25 oil right around the corner.
Previous post....
I agree. The Saudi's have come this far, they ain't turning back now. They've endured too much pain and suffering to give up on their ultimate goal so close to the finish line. You may be right about seeing $25 yet. I don't think there's any question that we're bottoming right now but the bottom can be very turbulent. We will see crude price react harshly to any news, positive or negative, and see large pushes in either direction. I believe we will see the beginning of the recovery this summer. It's shaping up to be a huge driving season with the low gasoline and diesel prices and refinery maintenance season will be over. When looking long term, buying O&G stocks at $30 oil is a good entry point. Yes, the price of crude could very well drop lower but rather than trying to time the bottom and risk missing it or making some bad trades while waiting for it is not worth it for some. And that's perfectly acceptable. Bottom line, if we are buying BTE at these prices and are holding for a year or 2, we will be handsomely rewarded! Eric did a good job relieving concerns of some about their debt and covenant issues. I agree with Eric and think BTE will be the gem of the TSX during the oil recovery.