T Boone Pickens - lying to prop oil prices
Posted May 20th, 2008 by jzneff
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Today, oil markets shot up more than $2 per barrel...largely due to Texas oilman T Boone Pickens' prediction that oil would be $150 per barrel this year.
You have to wonder about his motives in doing this. T Boone Pickens, through his hedge funds, has been buying put options and shorting crude for months now.
So...essentially, this oil guru is talking about much higher prices, and at the same time betting his client's money that they will fall dramatically this year. He's saying one thing will happen, but betting that the opposite will happen.
I can't believe that people are still going long on oil, can't they see through this? T Boone Pickens is rarely wrong on the oil industry, and I think he's just propping the market temporarily to get more lucrative put options.
Oil is coming down folks, it's nearer than you think.
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It hasn't even peaked yet.
It hasn't even peaked yet. Indeed it hasn't even slowed down. Not only will it hit $150, it's going to go higher. The currency collapse alone will drive it higher.
There will be an oil downturn, but not this year.
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Any suggested links for...
T. Boone Pickens?
As a trader....
I have learned that T. Boone Pickens is NEVER EVER EVER EVER wrong on oil....NEVER!........................NEVER!!!!!!!...............Neh...eh....eh...eh...eh...eh..eh..ever!
**“The man who does not read good books has no advantage over the man who cannot read them.” ~ Mark Twain **
Pickens
Is saying one thing and putting his money in another...is he lying or wrong about his money.
Depends on where in time his trade is...
I buy Calls and Puts on the same stocks in the same weeks all the time. For instance I have been in October 160 Calls on AAPL since March when I bought them @ 10.75 (Now 33.00) Yesterday I bought June 190 Puts @ 9.00 and sold them today at 11.90. I still hold the calls.
**“The man who does not read good books has no advantage over the man who cannot read them.” ~ Mark Twain **
Here's one
http://www.sovereignsocie...
This is lacking, I admit, but it's a decent analysis of what he's up to with his hedge fund. I'll keep looking for more recent sources this his funds are going short on oil.
If you want to read about how he's largely responsible for today's spike in oil...I hate linking to cnn.com but here you go
http://money.cnn.com/2008...
Thanks for the link, I have never heard of...
T. Boone Pickens before today. I am interested in learning more. I sure hope oil prices will drop. It is really hurting anyone making a modest living.
who cares. we're all gonna
who cares. we're all gonna die any way :)