Oil Price - Feb 7
Posted: Tue Feb 07, 2017 3:03 pm
Read: https://www.investing.com/analysis/crud ... -200174995
As I have been telling you in my weekly podcasts since mid-December, WTI is likely to flop around in the $50 to $55 range through March. It should move higher when OPEC + Russia comply with their agreements (confirmed by 3rd party sources) and the results of production cuts show up in OECD inventories. Keep in mind that it takes about 3 months for oil to flow through the global system and show up in inventory data.
U.S. oil production will rise in 2017, but the rest of non-OPEC production will probably be flat to 2016.
IEA says demand for hydrocarbon based refined liquids, primarily from crude oil, will increase 1.3 million barrels per day from 2016 to 2017. The big spike in demand will come in the 3rd quarter.
As I have been telling you in my weekly podcasts since mid-December, WTI is likely to flop around in the $50 to $55 range through March. It should move higher when OPEC + Russia comply with their agreements (confirmed by 3rd party sources) and the results of production cuts show up in OECD inventories. Keep in mind that it takes about 3 months for oil to flow through the global system and show up in inventory data.
U.S. oil production will rise in 2017, but the rest of non-OPEC production will probably be flat to 2016.
IEA says demand for hydrocarbon based refined liquids, primarily from crude oil, will increase 1.3 million barrels per day from 2016 to 2017. The big spike in demand will come in the 3rd quarter.