Oil Price Rally: HFI's oil price forecast - Apr 13
Posted: Sat Apr 13, 2024 8:48 am
HFI Research is a respected firm. They agree with me that the "Right Price" for WTI oil is within the $80 to $85 range. Oil prices are getting a bit of a geopolitical risk premium from the war going on in the Middle East.
> EIA has been overstating U.S. oil production.
> IEA continues to understate global oil demand.
> Saudi Arabia is the only OPEC+ country that is significantly holding back production.
> U.S. oil production is likely to peak in 2025. < When this sinks in, oil prices will go a lot higher.
"Our short-term view on the oil market is that oil prices are at the top end of the trading range ($80-$85). However, as fundamentals move along and inventory draws resume (after April), we see oil prices moving to a structurally higher price range ($85 to $95). This will be fueled by the two variant perceptions we discuss below."
If you want to see the full HFI article, send me an email and I will forward it to you: dmsteffens@comcast.net
> EIA has been overstating U.S. oil production.
> IEA continues to understate global oil demand.
> Saudi Arabia is the only OPEC+ country that is significantly holding back production.
> U.S. oil production is likely to peak in 2025. < When this sinks in, oil prices will go a lot higher.
"Our short-term view on the oil market is that oil prices are at the top end of the trading range ($80-$85). However, as fundamentals move along and inventory draws resume (after April), we see oil prices moving to a structurally higher price range ($85 to $95). This will be fueled by the two variant perceptions we discuss below."
If you want to see the full HFI article, send me an email and I will forward it to you: dmsteffens@comcast.net