Posted on 02/24/2021 2:55:18 PM PST by AAABEST
Brent Crude prices could hit $70 a barrel in the second quarter of 2021, while they are set to average $60 this year, Bank of America said this week, raising its average price outlook by $10 a barrel from its previous projection.
Echoing Bank of America, Morgan Stanley also sees Brent touching the $70 mark this year, but a bit later - in the third quarter, expecting “a much-improved market,” including on the demand side.
On Sunday, Goldman Sachs started the investment banks’ upgrades of oil price forecasts, expecting Brent Crude prices to hit $75 a barrel in the third quarter this year, on the back of faster market rebalancing, lower expected inventories, and traders hedging against inflation.
But those forecasts all pale in comparison to Azerbaijan’s Socar Trading SA predicts global benchmark Brent could hit triple digits in the next 18 to 24 months, and Bank of America sees potential spikes above $100 over the next few years on improving fundamentals and global stimulus.
(Excerpt) Read more at oilprice.com ...
Good thing they got rid of pro-America President Trump and cheaper oil.
These people are so stupid it defies belief.
I don’t see that right now, you can’t base prices on one winter freeze in Texas or the US. There is plenty of product out there, no one is running short.
Well, I’m not the sharpest knife in this drawer, but I figured out the simple mistake. Forgetaboutit.
“I can foresee $6.00/gal-PLUS within 3-4mos. Swell.”
Meanwhile, the politicians who decide our lives have not a care in the world about how to fill up their rides with gas.
I think market fundamentals are slowly coming back, supply will be constricted until the Saudis and Russia decide to open the tap and cash in, but mainly the dollar is weakening. Currency weakness always seems to be the biggest factor in large oil price moves.
Buy EOG Resources. Great company with fantastic assets. It will be up big on any sustained price move.
Zerohedge always, always hypes everything. Infowars MO. Ignore them for serous treading news or analysis.
Oil is priced in dollars. If the dollar dropped 10% in the next hour, oil would go up 10%.
Love that corn-free gasoline! I use regular 87 octane.
I’m looking at oil, and as much as I have invested in this space before, it has had a long and large run and well over due for a correction. Wouldn’t touch it frankly. The world is still in a major recession.
Yes, and the brokerage that holds my investment account is keeps advertising how pro LGBT they are. Sickens me.
The Taxpayers’ CCs are a free ride for them.
“The Taxpayers’ CCs are a free ride for them.”
Do you feel sorry for the dumb fks who don’t realize this?
I do. Because it hurts me, and I’m not a dumb fk.
“Traders Are Betting On $100 Oil Following Texas Freeze..”
Yeah that’s what’s doing it..not the democrats killing the pipeline/drilling/fracking.
I notice a lot of people seem to have forgotten that the last oil price peak was $147.
I’m not predicting where it’s going but let’s also not forget that the Saudis don’t break even until around $105 a barrel, not due to production expense but because of spending the Saudis do using oil revenue as a safety net for the populace.
I tend to agree with you.
I was driving the interstate at evening rush hour today (I’m retired) and was surprised at the low traffic density...like it was middle of the day.
I think miles driven is still way down, people working at home or out of work.
Combined with the coming super inflation, gas will be over $12 a gallon by summer. Food will be scarce. Politicians will be living inside barbed wire with hundreds of thousands of troops guarding them.
63.00 a barrel last time I looked, with what this admin has planned I see it hitting 75 before we go into the driving season.
“I use 90oct ethanol-free has in my Jeep Grand Cherokee HEMI V8”
I really want to try one of those. Is that the Hellcat motor and what do you think of the entire package?
“Combined with the coming super inflation, gas will be over $12 a gallon by summer. Food will be scarce. Politicians will be living inside barbed wire with hundreds of thousands of troops guarding them.”
You win BS comment of the week easy.
No one has been driving for a year.
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.