Has oil bottomed?
Has oil bottomed?
Jeff Gundlach during his presentation yesterday stated that in his opinion oil prices bottomed yesterday. He thinks we could see a 50% bounce from here, but he notes that would only bring oil back to $45/bbl, which wouldn't be enough to save many oil companies.
Re: Has oil bottomed?
January 13: From Roth Capital
China's crude oil imports hit a record 7.82 million b/d in December, customs data showed, as the world's No.2 oil consumer took advantage of low crude prices to fill strategic reserves, but also increased its exports of refined fuels to an all-time high.
Crude imports for December were up 21.4 percent on the month and 9.3 percent on the year, well above earlier estimates by Thomson Reuters Oil Research and Forecasts.
Wu Kang, Beijing-based vice chairman of FGE Asia, said the two driving factors behind growth in 2015 were new demand from small, independent "teapot" refineries who gained the right to use imported crude oil in the latter part of the year, and stock building in strategic reserves and commercial storage. Nearly 20 small refiners have been granted quotas to use imported oil or import oil directly themselves.
"2016 might be more interesting as the two driving factors are set to become more powerful as the government relaxed control both on crude imports as well as fuel exports, at a pace faster than thought," Wu said.
Demand for crude oil could rise 4.9 percent in 2016, the country's petroleum industry association said on Tuesday.
------------------------------------
If we can get past the FEAR that oil demand in China is going to fall, it will go a long way to getting oil prices back up. - Dan
China's crude oil imports hit a record 7.82 million b/d in December, customs data showed, as the world's No.2 oil consumer took advantage of low crude prices to fill strategic reserves, but also increased its exports of refined fuels to an all-time high.
Crude imports for December were up 21.4 percent on the month and 9.3 percent on the year, well above earlier estimates by Thomson Reuters Oil Research and Forecasts.
Wu Kang, Beijing-based vice chairman of FGE Asia, said the two driving factors behind growth in 2015 were new demand from small, independent "teapot" refineries who gained the right to use imported crude oil in the latter part of the year, and stock building in strategic reserves and commercial storage. Nearly 20 small refiners have been granted quotas to use imported oil or import oil directly themselves.
"2016 might be more interesting as the two driving factors are set to become more powerful as the government relaxed control both on crude imports as well as fuel exports, at a pace faster than thought," Wu said.
Demand for crude oil could rise 4.9 percent in 2016, the country's petroleum industry association said on Tuesday.
------------------------------------
If we can get past the FEAR that oil demand in China is going to fall, it will go a long way to getting oil prices back up. - Dan
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group