Global Energy Roundup: Market Talk

[wilmawatts]

Dow Jones Institutional News
April 13, 2017 Thursday 2:41 AM GMT

16:30 ET - Dan Steffens at Energy Prospectus Group says a convergence of several factors may be setting the stage for oil prices to pierce key resistance at $55/bbl, unleashing a new, higher range for prices. At a luncheon today in Dallas, the president of the Houston-based networking group notes the arrival of the high-demand season, the start of a long-anticipated decline in US inventories, and Saudi Aramco's IPO preparations. "OPEC wants oil to be back in the $60s," Steffens says, noting the Saudis' IPO needs a high valuation. "You're talking about a country that's gonna do the biggest IPO in the history of IPOs... there are a couple trillion dollars at stake." (dan.molinski@wsj.com)

[dan_s]

Dan Molinski from the Wall Street Journal attended our luncheon in Dallas. We have several reporters and Wall Street firms that attend our luncheons in Houston.