T. Boone Pickens: Natural gas has bottomed
Full article and comments here.
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LOS ANGELES (CNNMoney) -- Natural gas prices may have finally bottomed out, after hovering around 10-year lows for weeks, said energy magnate T. Boone Pickens.
Prices have slowly started creeping above the $2 mark after settling below that level just a couple of weeks ago.
"The price for natural gas has smoothed out pretty good," Pickens told reporters on the sidelines of the Milken Institute Global Conference in Los Angeles. "I think it's bottomed."
Pickens said he wouldn't be surprised to see natural gas prices at $3 in a year's time. That would be welcome news for companies such as Chesapeake Energy and EOG that have been trying to cut production.
These companies have been hampered by higher oil prices since many natural gas producers simultaneously produce oil from the same wells.
Pickens also thinks oil prices will continue to rise.
"I think you're going to find oil will get pretty tight this summer," he said. "The Saudis don't have as much oil as they say they do."
Pickens says that anything Saudi Arabia produces above 10 million barrels a day will come from storage and not new production. And it could come just as demand heats up.
Pickens forecasted prices for Brent crude -- Europe's benchmark -- to hit $150 a barrel by this summer.
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Replies to This Discussion
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Permalink Reply by Hopeful About Natural Gas on
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"buy when the blood is running in the streets" ... that old quote really goes back to a time where there really was blood from battles in the streets of Europe. Perhaps it was the Napoleonic wars and the early markets. Anyway, It's been used as a metaphor for value investing ever since. Buy when things look like they will never get better.
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Permalink Reply by essay on
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baron rothschild is credited with having said "buy when there's blood in the streets, even if the blood is your own" after the battle of waterloo. apparently he made a "killing."
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Permalink Reply by Hopeful About Natural Gas on
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thanks Essay. i figured it was the Baron and Waterloo was the battle. He developed the use of pigeons to carry messages from the battle back to his office - where they adjusted their investments based on the information.
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