At 8:40 a.m. ET futures are slightly lower and the price of oil per barrel is down with light crude trading around $52.33. The market is poised to open lower.
In my estimation it is Warren Buffet dumping his shares of Exxon Mobil and ConocoPhillips that is the morning's salient news. I suspect panic mode is setting in surrounding energy equities in some sections of the investment world. There is so much speculation about oil prices going on it's wild. Yesterday I read a Bloomberg article predicting oil as low as $10 a barrel. There is a big shake out going on and lots of economies both personal and national are struggling, yet recall that in investment often times when someone loses someone else gains.
CNN: Stocks: 4 things to know before the open
Investors are reacting to new filings that show famed investor Warren Buffett dumped his stakes in oil companies Exxon Mobil and ConocoPhillips.
At 2 p.m. the Federal Reserve will release the minutes from its latest monetary policy meeting.
2 comments:
Gas prices are now riding higher on nothing more then speculation. The reality of the actual oil market though is demand has gone down and there is a 2 mil. gal. a day surplus! So, I expect to see gas prices soar back up to $3 a gal. anyway. Why? Because , reality and greed are not necessarily connected in this situation.
You got that right. I am reading stuff that goes all over the charts with predictions within the last month that oil goes as low as $10 a barrel, that was on Bloomberg, and then up to $200 a barrel from the Saudi dude. Right now $10 a barrel seems more feasible, but it's been in the $50 to $55 range for about 10 days or so.
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