Monday, November 16, 2009
Crude Oil Outlook
Fed Chairman Ben Bernanke will speak at the Economics Club of New York at noon today and the topic will be "Economic Outlook." Needless to say all eyes will be on the Fed chief on hopes he will slip and give us some indication of what he is really thinking. This could end up being the most important economic event for the week. My guess is he will state inflation isn't a problem [yet] and that the economy is slowly improving... so what else is new?
On Friday the CEO of Exxon said, that $20-$25 of the price of oil was due to dollar speculation. Well like that was a surprise! I'm still holding to my guns and targeting $90+ oil by year end and $100 + in 2010. My 2 plays in the energy sector continue to be Transocean (RIG) & Pride Int'l (PDE).
*click chart to expand image