But wait a minute, our oil shale (ex-XCO holder) expert, T Boons, says other wise today on CNBC.
Oilman T. Boone Pickens said Thursday that Saudi production is topping out at about 10 million barrels per day and oil prices will return to $70 per barrel by the end of the year.
OPEC is "all in at 31 million barrels a day. That's about all they can do," Pickens said on CNBC's "Squawk Box." "They talk a lot about it, what they can do, and the Saudis say 12 and half. Well show me. I'm ready to see 12 and a half.They're making 10.3, and they struggle at 10, I think. I think 10 is about all the Saudis can do."
I don't disagree with this scenario. We have oil coming from everyone nowadays. Not good for we shareholders here with XCO. Don't like to be negative but the so called oil experts didn't see this coming? Then why are they called experts? We're in a glut. Our frackers here in the states, Russia, Iraq and now even Iran are contributing.
OPEC is s joke. As is our energy policy in the USA. The oil shale entities here deserve all the credit in the world for reducing our foreign energy dependence. So where is our Gov. and why aren't they giving financial incentives to keep these people in business? Allow for exporting of NG and oil. Now.
I get very upset at myself even though XCO wasn't my call for still sitting on its shares but that's life today. I didn't mean the throw-in-the-towel words either. Just a play on words for me. Still holding my shares and waiting to see how this all plays out. Nobody, at least not to my knowledge, did see the oil price drop as you stated. So its either not warranted and the derivatives drove it down to these levels or there are too many so called experts in the financial arena who should NOT be there.
Mr Ross got caught here as we all have. Is he smarter or knows more than we? Could. It's possible. Exporting of NG is forthcoming so maybe that will help us out???
OIl back to $100? I don't think so but I've been wrong so many times here I shouldn't even be arm chair QB'ing. The Saudi regime saw some market share slipping away from them via Russia and Iran. And acted accordingly which really upset the whole apple cart as we all know.
I believe the fracking industry is its own worst enemy today NG-wise though. We have way too much of it with no place to go. Hence very low prices. That's our problem. A supply side issue big time.
Thanks again. Still holding albeit it gets harder everyday.
Sorry to hear that. I'm about to throw the towel in too. This has a been a complete disaster. I was hoping for some type of move by Ross but it seems to me anyway he'd probably be better off now watching it go BK. Then he could soak up the remains, wait for some type of recovery to offset his massive losses.
To think that this stock hit $9 one month after I bought it makes me sick to my stomach patientd1.
Good point caliumhound.
I read this AM on Schwab's website that the gov's GDP numbers are so much of a joke anymore vs Wall Street's opinions that they're not worth reading.
I think getting it wrong is world-wide anymore. What was oil doing up at $100 a few months back? Somebody's dead wrong somewhere here.
Saudi's are meeting I think next week. Guess what? Stronger production aspirations from them are their key to denting our fracking industry. So expect more of the same. Combined with a (all of a sudden) stronger dollar brewing which adds more turmoil for folks like us who own XCO.
NG has been the Rodney Dangerfield in the commodity arena for years now. No respect even though our utility companies and railroads are utilizing NG immensely because it's so cheap.
I read a quote a few months back from the CEO of XOM who paid about $31G for the largest NG play, XTO, in 2009. He said it was the biggest mistake he'd ever made. Then he paid another $3B for another oil shale play in Canada, CLT, in 2012. I don't know what he thinks of those two moves now but there is interest in this industry from major players obviously. So I guess there's a redemption possibility for we shareholders here???
Read patients posts here. His surmisals are worth reading.
Same problem here. Can't read patients response to my last post. It appears for a bit as you state but then goes. Same issues with somebody's other PC.
Basher? Sorry pal you've got the wrong man. I have issues with GM's hierarchy destroying families and innocent human beings over a $5 part. But that's me. It's what we good people do. Probably something you know about brother.
Oh by the way, I just purchased a silver $76K stickered 2015 Z28 yesterday. Price paid: $69,000. They just issued a cash rebate of $2,000.
Who would give any credence to anybody on these boards unless they're a proven poster as opposed to some wacko rambling from their 9x4 rubber room?
ORD is experiencing consistent crew shortages this summer out of ORD to Europe. They offered up to $100K for senior FA's to leave and now this. Not very smart UAL. Not at all. Who is running this show anyway? The Three Stooges?
I read about similar technology years ago of an on-sight home generating system utilizing NG. Don't here squat about it anymore. All the while XCO is by far the biggest disaster I've ever owned. Down over 105% in the last 3 years now. All the while the DJIA is up 40%.