Wednesday, September 10, 2008

Oil near $100 - Buy!

Oil is down around $100 a barrel today. If I had money, I'd buy a lot of it now. Granted, at 28 I have a lot of time to see what the price does. But even just looking a year or two out, does anyone think that price is going down? If we're looking a decade out, does anyone think it will be less than $200 a barrel in September 2018?

According to Bloomberg, a "Nymex Crude Future" is $103.37 today. I leave that as a proper noun because I honestly don't know how to make the grammar work for what I would indeed be buying. "I could buy a future barrel of oil"? "I could buy a barrel of future oil"? "I could buy an oil barrel future"? Anyway, in elementary school I was in a club in which each group got $1000 in play money to play investors. Today I'm buying a lot of oil futures with my play money. I'll let you know how I did when I decide to sell.

7 comments:

Alice said...

I remember that!

Are you charting your picks with your play money to see how you would be doing???

Michael Levy said...

What I remember most when I think about that club is my tenth birthday.... that morning you said I could skip it and we could go to Burger King for breakfast before school and then in the garage I saw the car packed with ski gear. That was awesome!

Alice said...
This comment has been removed by the author.
Alice said...

Yeah, that was a lot of fun...the planning and the doing! I think we went to Keystone. Does that sound right?

So, did you miss your club meeting that day?

Michael Levy said...

Yup, always Keystone in those days. And I did miss the club, and school, that day. I can think of two days you pulled me out of school - that birthday, and that day in New Jersey with the terrifying substitute teacher. Thanks!!!

Alice said...

You are welcome! Wish I could do it now. :-)

Michael Levy said...

This prediction was looking crummy for a few days there, but I could cash out today at $108.80 for a 5% gain over a two-week period when almost everyone has taken losses. I'm holding though.