"On September 8, the November light sweet crude contract was near $48.40. Before the weekend it reached almost $43.35. The technical condition is poor. Support is seen in the band between $42.50 and $43.00, though last month's low set by $40.75."
Summary of note pertaining to futures market, specifically Nov (CLX16) currently trading $44.08.
Re the article and graph, was that mean to convey that the finding cost is approaching $1/Boe for a discovery?
If so, best to remind everyone that a BOE is Barrel of Oil Equivalent and that natural gas resources (a the article is talking resources not Reserves) are converted at 6Mcf = 1 BO. That aside, it is good to see the cost coming down.
Assume you read the Goldman Sachs article about big oil never being that big a money maker
Goldman-Big-Oil
and then a couple of big time oil bulls are giving up on $100 oil .... (might of course be a contrarian view meaning the bottom is in)
Giving up on $100 oil
Shows anything is possible
(Short CLZ16 in futures and long select equity names and a couple of dogs leftover from prior poorly researched speculative buys)
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