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Title : Pet Peeve -- Fake News -- Even When It Comes From Rigzone -- May 14, 2018
link : Pet Peeve -- Fake News -- Even When It Comes From Rigzone -- May 14, 2018

Pet Peeve -- Fake News -- Even When It Comes From Rigzone -- May 14, 2018

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The graphic above: ten years of data. By the way, look at the volume being traded. That may be a bigger story than today's price. Contango, backwardation, the tango, flamingo, you say po-TAE-to, you say po-TAW-to, it's all Greek to me. But it certainly doesn't look like folks are jumping into the WTI market to sell their positions.

This is the headline:

$140 ten years ago.

$110 seven years ago.

$100 five years ago.

$70 today.

And Rigzone: crude prices continue to soar to multi-year highs. And Rigzone is an "expert" in this arena.

If one looks at the graph, it appears that over the most recent 10-year period, $70 oil is right where we need to be.

For me:
$55 oil is the sweet spot for global economy / US economy / oil companies.

$70 oil is really, really nice for US oil companies / international oil companies.

$83 oil: that's what Saudi Arabia needed last year (2017) to balance their budget for one year.

$88 oil: that is what Saudi Arabia says it needs for this year's budget (2018)

$100 oil -- wow. If there's an orderly climb to $100-oil, we won't see it for five years. $100-oil in less than two years (2020) will be loved/hated -- depending on one's perspective.

I'll probably my sweet spot for oil from $55 to $70 if WTI moves to $80.

Predicting the price of oil is a fool's errand. All data points above are historical. No predictions implied or given.

Disclaimer: this is not an investment site.

EOG is flirting with its all-time highs. Art Berman should be happy.

https://ift.tt/2dZyQXu

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