The fears of raw materials (natural gas) compressing margins has proven to be overstated with the pullback in the commodities. Natural Gas hit a high near $13.50 at the time the conference call was taking place. Today, NG almost hit $8.00- this extreme pullback was almost unfathomable. However, OI hasn't rallied yet.
Looking at Crude Oil and the steel names, there maybe a short term bounce in commodities, but I do not see Nat Gas nearing those level anytime soon. Time to scale back in.
On top of the recent pullback, there has been insider selling recently within Owens-Illinois.
In August, insiders bought4,265 shares for $178,577. Not as large of a buy as I usually like to see but better than nothing.
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