Guess I was wrong!
I was wrong about the price of gas rising after OPEC announced a production cut. The market decided that the OPEC members were just going to keep pumping oil and ignore the cut. Oil sank on the news. Luckily for me I was able to buy my lousy dozen shares of PetroChina [PTR] for under $110/share. I’m buying in my Roth IRA so I really had to make sure I paid less than $110. Even a 10 cent jump in the price would’ve meant I would’ve had to buy 1 less share.
I like PTR because
1. Its an oil stock and I think it’ll do well
2. It pays a dividend of 4.70%
3. It’s a canadian company dealing in China, so its also a hedge against the dollar.[that works both ways!!!]
4. If its good enough for Warren Buffett, it sure is good enough for me!!!
Along with Oil, natural gas prices were also down today, at $7.07 – quite a jump from the lows 3 weeks ago!
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October 20th, 2006 at 7:33 pm
I think that oil sank despite the production cuts, not due to the news. I’m guessing either the market expected a bigger cut it would have dropped even more if not for the news.