The price of oil keeps going up. Natural gas is almost $6. Hindsight being 20/20 shows the selling of Noble Energy was the worst decision anyone could have made, unless you were able to personally profit from the deal.
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Well, oil is now over $120/BBL. They were not off by much.
Well, it's year end, past actually, and oil isn't at $90. So much for the oracle of GS. Still, oil hovering in the $70s ain't bad. Now if the industry can just maintain discipline...
As for the fate of Noble, it's still better under Chevron management than the likes of that id--t Stover.
Selling Noble was not a “bad” idea. These guys couldn’t make money at $100 barrel. The worst management team in the history of oil and gas.
Brent is over $86 and Cushing oil inventories are at the lowest levels since 2018 with no relief in sight.
Thanks Dave! You really screwed the pooch.
Looks like Goldman Sachs is going to be correct.
With the current US administration shoving green energy down our throats, OPEC+ refusing to increase production and the lack of investment by the E&P industry, we are in a perfect storm for prices to go higher. Stover and former managerial staff at Noble would have still messed it up though.
Crude has steadily gone up and doubled from $40 to $80 since selling to Chevron.
Brent is now $81+ and going higher.
They are forecasting a colder than normal winter.
I doubt it. It's winter, demand is low, unless we might have a nasty winter and heating fuel is an issue. GS is talking their book and I doubt they have any interest to keep their bag holders informed. The only way for the price to reach that high in winter is if the oil cartel cuts production.