Wrap – Week Ended 12/05/08

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What a horrible weak for the commodities and for the energy equities that was. I don't have a lot to say about it in the wrap other than traders gave up on both oil and gas despite a better than expected report for crude inventories and products and a not so bad (see the Friday post) number for natural gas. Much of the Street is throwing in the towel on their oil price estimates for 2009 with Merrill emerging with the first $25 target I've seen. Basically analysts are hitting the reset button on their models, hoping to have a better 2009 by putting themselves in a position to raise estimates as the year progresses. Given the market action in the stocks its hard to blame them until you think back to the time when this same group of cats kept telling everyone to buy, buy, buy during the first half of 2008 as they relentlessly marched estimates higher.

2 Responses to “Wrap – Week Ended 12/05/08”

  1. 1
    1520sbroad Says:

    just flipped my computer on and saw that CHK put out a release. Worth a look – particularly the comments from Aubrey. Shifting from aggressive to sustainable would be the way i would read it. Lots of rigs getting mothballed.

  2. 2
    zman Says:

    Yep, got it. Assurance of no new shares. Should allow for a nice bump tomorrow, conf call in the morning. Thanks again to BOP for the headsup on the CC press release allowing me to add calls Friday afternoon. This is pretty much what I was looking for them to say, more comments in the Monday post.

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