Woops – Goldman Sachs’ Bad Bet

Looks like somebody at Goldman decided to go long on oil futures.  Or, they’re knee deep/bullish on big oil stocks.  Regardless, worthless announcements like yesterday’s (see below) won’t help other than a quick $4 rise in oil futures prices.

http://www.forbes.com/feeds/ap/2008/07/30/ap5271343.html

“A report by Goldman Sachs predicting prices could hit $149 a barrel by the end of year is also feeding the rally.”

Goldman better hope Iran gets some sanctions slapped on them and/or the fed proves even more worthless and does nothing to the interest rate.  BTW – Oil fell slightly in overnight trading.

$3.50 a gallon coming to a station near you though a lot of people are still aiming for $150-$175+ a barrel.  e.g. The Libyan state oil company head (see below) is bullish on oil too.  I wonder why?

http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/31/afx5274405.html

“There is a big fall because prices are currently high,’ he said by telephone. ‘When prices are 130 or 140 dollars per barrel, they fall back more sharply.’

He said that ‘we are following developments (on prices) closely … but we think they will rebound.'”

Fed – it’s time to act…hike the interest rate as originally seen on BccList.com here. Bla.

Update: Oil traded even lower during the day trading today – July 31st.  Awesome.

http://afp.google.com/article/ALeqM5jZe61qipa4iGfZlJ5wNUYWfnZrDg

Who at Goldman Sachs put out that “prediction?”

Note – we’re not out of the “busy driving season” yet so I can’t fully taunt the clowns at Goldman.

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