RE:RE:Previous $3 assumptions were a mistakeThe oil price will move gradually up, but there is a lot of recency bias out there. the oil price is not going to stop at $60 for the simple reason that the Saudi balance sheet, the entire OPEC and Russian balance sheet for that matter, cannot be allowed to crumble much further, $60 will not fix the Saudi's problem, they need the oil price in the $70 to $90 range before the year ends.
While I have been out to lunch, disconnected from reality allegedly, my Ithaca holding is more than four times higher than my average buy in price - now that is the kind of lunch I enjoy. There have been too many delays, Stella production is not in the price, Ithaca must pass the winning post before the share price will reflect the value of production.
The opportunity for a $3 bid has now passed.
Doug