Goldman Sachs put out another of its seminal research notes Tuesday on crude prices, going to great lengths to explain why oil’s recent rally is not likely to last.
It was noticed. May crude futures fell more than $4 in New York at $105.47 a barrel Tuesday. On Monday, they’d briefly traded above $113. Read the latest action in crude futures.
This is the same firm that in 2008 said oil prices were headed for $200. That was the year of the great commodities spike. Though the barrel never reached $200, it cleared $147 that June. By then, you can bet a lot of the big funds were laughing all the way to the bank, leaving latecomers with long positions that quickly turned sour.
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