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ISSUES....
Inside, confidential and off the recordOptimistic ?
ENERGY PRICES, LIKE ALL OTHER COMMODITIES, HAVE RISEN…
sharply… in the past twenty four hours, rebounding as the dollar’s fallen and moving higher as suddenly the world believes that the global economy is on track; that all’s well with the world; that the future is bright; that dogs will lie down with cats; that children will eat their vegetables and will forgo desserts; that our beloved NC State will win another game of football… that all sorts of impossible things shall happen… and often. Leaps of great faith are commonplace these days it seems. Tally us as somewhat skeptical however…
especially regarding NC State sports.
That being said, we thought it interesting that Royal Dutch Shell said yesterday that its profits had plunged by more than 60% from those of year earlier. Royal Dutch’s CEO, Mr. Voser, said that the company does expect conditions to become better in the next several quarters but that the “industry’s outlook remains challenging.” Then again, when is it not?
Royal Dutch Shell is not alone in its problems, for earlier this week BP reported that its third quarter profits fell nearly 35%. Things are no better at Conoco, or ExxonMobil either. And yet, the Left in Europe and N. America continues to talk about excess and exorbitant profits earned by the oil companies. Idiots all in our opinion:
Dec WTI up 236 79.73-78
Jan WTI up 229 80.26-31
Feb WTI up 225 80.81-86
Mar WTI up 224 81.29-34
Apr WTI up 223 81.74-79
May WTI up 221 81.19-24
OPEC Basket $75.53 10/28
Henry Hub Nat-gas $4.51
- Dennis Gartman/ The Gartman Letter 10/ 30 / 09
- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone - Fax: or email : dennis@thegartmanletter
ISSUES.... 10/30/09
ISSUES.... Inside, confidential and off the record
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