I watch oil and natgas for work and fun. I want nothing more than oil to stay above $55 minimum and $70 would be great. But, I just don't see it. The economy is down and suffering. The entire process business is way down. They're moving equipment away from oil fields and that all points to a sustained slow down. If Iranian oil enters the market, who knows what will happen. The mid-east wants and needs the US dependent on them for oil. So low prices help them. I have no doubt Obama will slant it towards the mid-east.
I hope I'm completely wrong and Pickens is right.
I agree with you.
Barring Iran lighting up the ME, I don’t see much upside for oil either.
I’ve read opinions recently saying both oil is going higher and oil is going lower. There are so many crosscurrents that affect crude maybe it’s a coin toss.
But based on current supply and demand, it looks like softer prices are in the cards. I hope we’re both reading our tea leaves wrong!