Posted on 04/22/2015 2:17:16 PM PDT by Opintel
There is mounting evidence that oil prices are poised to rebound from a historic bust.
Rig counts hit new lows each week. For the week ending on April 17, Baker Hughes says the U.S. lost an additional 34 oil and gas rigs, bringing the total down to 954. Domestic crude oil production appears to have plateaued and the EIA expects a contraction in May. Nearly every driller is dramatically scaling back spending, which should increasingly cut into new output. And oil consumption is finally picking up, as drivers far and wide take advantage of cheap fuel.
But what if the bust is not over yet? Despite the signs of a rebound, ExxonMobil’s CEO Rex Tillerson has a much more bearish take on oil prices.
(Excerpt) Read more at oilprice.com ...
Went up $0.30/gal practically overnight near Nashville.
I hope he’s right but weren’t the big shots saying 100-150 oil was here to stay before it crashed?
I bought a drilling company from Exxon when they announced oil would not exceed $10 until 2020 and that domestic production of oil in West Texas/New Mexico was dead. That was 1998.
I did more than OK.
I don’t recall that.
Everyone reputable was saying $140 was unsustainable and the crash was any time.
I recall $10 Oil in the 1990’s and was amazed.
I told everybody that would listen to get heavily invested in this space.
It was truly an extraordinary opportunity.
Depends on your perspective. As a mere rube, I think they are mighty finely recovered now.
In today’s news, the ex BP head is say oil will be in a bull market sooner than you think.
Is the price of oil going to go up? Or down? YES.
lol. This is like predicting where my weight will be next week or next month :)
I guess it all depends on one’s respective time frame. Easy to predict a price without a time frame.
T. Boone Pickens says 70 dollar oil by December 2015.
Here in SW Pennsylvania the gas prices went up 10-20 cents a gallon in the last few days.
Having been in and out of the oil industry for nearly four decades, I have come to one constant truth..EXPERTS DON’T KNOW SPIT!...
KSA is pumping hard.
KSA is at war with Iran.
How long does that go on?
True. Oil will stay down long enough to permanently bankrupt a large portion of the producers.
If I wanted to buy up cash-poor competitors for a song, I might say something similar.
Rex has $200billion in his war chest and is on the prowl for an acquisition. There is probably only one that can be bought that fits the bill of what he is looking for.
He wants that oil price to stay down for just a bit longer or at least until he is no longer on the prowl.
I would tend to agree,
and yet oil was what 57.00? yesterday?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.