RE:RE:RE:RE:RE:1troffer on ignoreThats exactly what I said... they have the US producers on the ropes and now they are going to back off? it doesnt make sense. Im into BTE in a huge way because of the long term prospects, but short term i dont think they come out of the meeting with more than just he said she said BS. No agreement. Some are saying they need it, and I agree they need it, but the Saudis dont want to blink this time and they are the ones in control and they know it.
the saudis can take these prices for another 6 months, just long enough for more permanent damage and credit to be ruined in North America.
If you had your opponent on the ropes and he was just about to go down, are you suddenly going to say "I give up" and throw in the towel?? I dont think so.
I think this meeting is just a blip on the radar and its going to be over and done with soon and oils going to be higher at the end of this year than it is now anyways, and the EIA coming out and saying markets will be more or less balanced by year end tells me there is no point in having an agreement at this meeting. lets wait and see what happens - its just a short term lower price shock in my opinion and as soon as we have a week with a big drawdown oil will be back up again. If oil drops on Monday, it might be your last opportunity to get into BTE at a decent price. If it goes anywhere near $5, buy buy but... if it hangs in there, then buy anyways... Either way anything around $5 to $5.50 is soon going to be a distant memory. 144k shares strong and holding. If its down Monday I just turn off my computer and go away on vacation for a week or something. All the best everyone.