Agreed, BP and majors have been horrific in terms of transparency and diclosure regarding reserves and other aspects of their business such as "under the table" payments in difficult operating environments such as Indonesia
So far a great deal of people have been very wrong about price of crude, they have been screaming pullback since 32. They have been fighting the trend and getting killed. That master mind Barton Biggs who opinions moves markets got annihilated on crude, his hedge fund shorted crude heavily at 32 and then shorted even more heavily at 35. And has since put in more money into his Crude Oil short. He may break his fund at this pace. article below was dated August 21st. http://www.iht.com/articles/534977.html <<On Thursday, crude oil for September delivery settled at a record $48.70 a barrel on the New York Mercantile Exchange. Futures prices have climbed more than $10 a barrel since the end of June. . In his letter to investors, Biggs said he thought the price of oil should be closer to $30 to $34 a barrel. So convinced is Biggs of his investment thesis that he increased the size of his bet in July, even as prices were rising. "When the price of an investment goes against us, unless the fundamentals have changed, our inclination is to buy more," he said in the letter. .. Biggs said he considered oil overpriced because supplies were surging even as he anticipated a slowdown in the global economy. He also cited a "terrorism premium of at least $12 a barrel in the current price." . Biggs did not return calls placed to his office on Thursday. His funds rose 16 percent last year, according to the letter.>>
So far a lot of people have been wrong all year about crude; Barton Biggs Hedge Fund is getting annihilated because he made a big short bet against Crude when at 32, then another big bet at 35. And then again (article linked is dated August 21) For all i know he has shorted more since his triple short position by end of July. http://www.iht.com/articles/534977.html <<On Thursday, crude oil for September delivery settled at a record $48.70 a barrel on the New York Mercantile Exchange. Futures prices have climbed more than $10 a barrel since the end of June. . In his letter to investors, Biggs said he thought the price of oil should be closer to $30 to $34 a barrel. So convinced is Biggs of his investment thesis that he increased the size of his bet in July, even as prices were rising. "When the price of an investment goes against us, unless the fundamentals have changed, our inclination is to buy more," he said in the letter................ Biggs did not return calls placed to his office on Thursday>>
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