Peter Beutel - Trading Block (Reported 3/29/2011)
Peter Beutel was interviewed by CNBC’s Joe Kernen yesterday, here is what he had to say about oil:
I wish i knew a month from now, six months from now, a year from now where we'll be because it won't be 105 I'd say. I just wish i knew whether it would be 120 or 85.. and you may be conservative with those numbers It could be 50 or 150. Markets seemed to have trouble breaking 107 last week. We're very overbought. We're kind of running out of steam, it seems, on the up side. It looks to me like we need to break 107 early this week or we're very susceptible here potentially to a sell-off that could take us back 92, 93. What do we need to watch in the middle east? Syria, a lot of things written over the weekend about what's happening in Syria. is Saudi Arabia -- do we need to watch, just microanalyze what's happening in that country to decide whether we get something that takes us to 150? I think Saudi Arabia is the key. so Bahrain becomes the next most likely and then maybe Yemen. Syria is kind of in its own situation with Libya because we kind of like to see a regime change there, whereas we don't want to see regime changes in Bahrain or Saudi Arabia. so really the key is Saudi Arabia, we had more violence in more countries, it seemed, on Friday than we've had yet, and yet prices sold off.. so i think that's a very good sign that maybe we are looking potentially at a correction here. but, again, very volatile market here, very, very volatile.
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