As originally seen on BccList.com here, I guess somebody at Goldman needs to be straight up fired for the idiotic prediction of $150 a barrel oil futures AFTER the fed started discussing interest rate hikes.
Regardless, oil futures dipped below $110 a barrel today as seen originally on BccList.com here, here, here, here, here, here, here, here, here, here, here, and here. Hopefully at least 1 of BccList.com’s nearly 10,000 visitors shorted oil futures. If so, I assume you know how to use paypal – firstname.lastname@example.org is the email address.
Worth considering: Buy back and take some profits now but expect that oil futures could creep much lower than $100 a barrel especially if there’s an interest rate hike to fight off inflation as is expected.
Note: You may want to consider shorting big oil stocks seeing that their profits should be lower in Q4 considering the decrease in oil futures prices. Downside to shorting big oil stocks now – their declining Q4 profits won’t be announced until early 2009 and anything can happen between now and then. You may be able to short later on this year and still get excellent value though oil stocks are currently nowhere near their recent highs.