The Organization of Petroleum Exporting Countries expects crude prices to rise to $80 by 2020 as output falls elsewhere. U.S. production could sink by the most in 27 years in 2016 as the price rout extends a slump in drilling. Speculators closed out short positions two days before the Federal Reserve decided not to raise key U.S. interest rates.
“The market’s not as oversupplied as we think it is,” David Pursell, a managing director at investment bank Tudor Pickering Holt & Co. in Houston, said in a phone interview. "The news out of OPEC is more bullish, U.S. production is falling and demand is great right now."
http://www.bloomberg.com/news/articles/ ... cmpid=yhoo
OPEC calling for $80 oil price
OPEC calling for $80 oil price
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: OPEC calling for $80 oil price
In the past two weeks, I have seen a lot more bullish date to support my claim that global oil supply and demand will be in balance early in 2016. Even some bullish comments from our friends at Goldman Sachs today. Read: https://finance.yahoo.com/news/oil-pric ... 48760.html
BTW the report GS put out a couple weeks ago calling for $20 oil had very little data to support it. IMO it was one analyst's attempt (which worked) to get an interview on CNBC. The gang that runs CNBC do not have a clue.
BTW the report GS put out a couple weeks ago calling for $20 oil had very little data to support it. IMO it was one analyst's attempt (which worked) to get an interview on CNBC. The gang that runs CNBC do not have a clue.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group