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Saturday, May 23, 2015

Earl

Market Watch: Oil ekes out a 10th straight weekly gain
Analyst Tim Evans at Citi Futures said in a report that the oil market is showing some confidence that the market will rebalance as demand grows and U.S. shale-oil production declines.”
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2 comments:

Glynn Kalara said...

Citi 's stock rests on top of huge investments in OIL and Coal I'd take anything Jamie Dimon et al. say with a very large grain of salt. These klowns rig markets and do lots of other scams as their daily work and they don't get called on it. I wouldn't for a moment buy into what a Citi paid analyst says abotu Carbon given these facts. There is an OIL glut out there friend and all the self serving forcasting other wise doesn't change the facts. Add to that the fact that a strong movement away from oil , coal and Nat. gas is happening as we chat and new technology is arriving as well. All of the above is rapidly reducing our dependence on Carbon. A good thing that can't happen fast enough. I predict a short term rise to $3 plus a gal. of gas and then another collapse.

10:58 AM
Jim Sande said...

Fundamentally I agree with you on this overall type of point - the sanctity of oil has been greatly disturbed in this last year. Oil is no longer invulnerable. Oil is still the energy of choice as far as I can tell. The thing of it is, as the price descended below $80 a barrel, lots of producers had to get out because their production costs are not met below $80. The OPEC induced shake-out is having an effect. They say the US has lost tens of thousands of oil workers with the shake-out. In the past few weeks the price of light crude has run between $57 and $61. I don't think it's going to collapse as in down to fumes, but I definitely think it could float down to range x, whatever. Eventually though, and hopefully, mankind gets smart and we use oil very very very judiciously or not at all in the future.

12:44 PM

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