Oil is up over 5 dollars, and why is that? It’s Russia! It’s Fay and its potential to hit something! Oh it’s the rebels in Nigeria that are being rebellious!
Want to know why oil is up? It’s because Goldman said the following:
LONDON, Aug 20 (Reuters) – Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) reiterated on Wednesday its year-end price forecast of $149 a barrel for U.S. crude oil, and said strong fundamentals were a more important factor than a strengthening dollar.
And what do the lemming fund managers do? Oh they buy oil, because Goldman said it would go up. But of course a fund manager can’t say that. They have to say, "hey it is the rebelious rebels of Nigeria that are the problems."
Lemmings! That’s right, all of you fund managers are lemmings! Folks I have become completely disgusted with these overpaid fund managers. Heck you can get these returns by just investing in ETF’s and waiting for some comments from Goldman or what have you.
But this oil spike will be short lived because there is real demand destruction. People have changed habits and they will use less oil. EVEN in China!