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Oil in 2017: Where Do Prices Go Next?

Charles Newsome, wealth and investment divisional director at Investec, and Bloomberg’s Will Kennedy discuss the outlook for oil prices, the battle between OPEC and U.S. shale producers and U.S. crude inventories. They speak to Bloomberg’s Anna Edwards and Yousef Gamal El-Din on “Bloomberg Daybreak: Europe.”


12 Comments on "Oil in 2017: Where Do Prices Go Next?"

  1. makati1 on Fri, 30th Dec 2016 5:46 pm 

    “Oil in 2017: Where Do Prices Go Next?”

    UP … DOWN … IN … OUT … BACK …FORTH… Just like in 2016, only worse.

  2. penury on Fri, 30th Dec 2016 5:53 pm 

    Once again I can add nothing to Maks comment.

  3. Danlxyz on Fri, 30th Dec 2016 5:55 pm 

    2017 WTI OIL PRICES WAG (Wild Ass Guess)

    Hi $62, Lo $39, Ending $55

  4. dave thompson on Fri, 30th Dec 2016 6:03 pm 

    If somehow world supply drops by say 5-6 million bbls. per day I would say the sky is the limit.

  5. Go Speed Racer on Fri, 30th Dec 2016 6:08 pm 

    Happy New Year everybody! Tomorrow night,
    Dump out a 5 gallon Gas can into the parking lot.
    Light it for a big wall of fire at midnight. Fun for
    the whole family! Add in a few tires, so it smokes more.

  6. Go Speed Racer on Sat, 31st Dec 2016 2:31 am 

    Here is how its done.

    Proof that there aint no peak oil.
    These guys have plenty of gasoline:

  7. Davy on Sat, 31st Dec 2016 5:17 am 

    Speeder, a secret with bonfires is use 80% diesel and 20% gas. Throw in a tire midway in the pile as your accelerant. Be very careful with the surrounding area because it might be a field ready to burn. Be very careful with low humidity and wind. I usually try to burn on calm days but wind and humidity can be useful if the burn pile is green wood. I mow a 30 ft strip around the burn pile. I have a skid steer with a 200 gal water tank with a pump at the burn site if the surrounding conditions are marginal. I have a farm tractor with a loader I use to move the fire together once the first wild part of the burn occurs and a fire of coals develop. You want to do this at a time when it will not rain for at least two days. This allows for a complete burn. Near the end of the process you can come in and by hand pick up branches from the debris that didn’t burn and add them to a nice final fire. This is like a campfire and a fun part. Have some good work gloves for this part. When this process is done I use a skid steer to scrub the burn site down removing what will not burn. Tree stumps are a bitch because of the mud and rocks in them. Be careful at this point because I have had hot coals still active a week after a burn. You might think you are done but a secondary fire could start after you leave. Depending on the time of the year the effects will leave a wildlife impact. A winter burn done like this is completely erased by spring growth. A summer burn like this will leave a scare until the following spring. Actually animals like these scars. They like a little bare earth. Be careful if you burn around nice trees. A summer burn can damage a nice nearby tree but once its sap is down in the winter it will not hurt it. I usually call into the local fire department before a burn because my fires have been known to get calls. My kids love these fires. Fires always make me a little nervous. Anymore it is more work than pleasure. Speeder, is that too much info for ya?

  8. BobInget on Sat, 31st Dec 2016 1:15 pm 

    Hamericans still believe low gas and oil prices are here to stay. If you are one of the few who don’t,
    2017 is the year to pick up a new or used EV.
    The other day I was offered $10,000 discount on a slightly used eGolf. One year old EV’s are already selling for 50% of new. SUV’s, light trucks OTOH are selling like prescription pain pills in Ohio.

    Every time we look, the ME situation get worse.
    Doubtless you all know, Iran and Saudi Arabia are in proxy wars from Syria to Yemen.
    How much longer those wars will remain ‘proxy’
    when US President Elect threatens a “war on Islamic Terrorism” AKA one Billion Muslims.

    Almost Every Actor in this Drama Needs Higher oil prices. V. Putin unquestionably the richest man in the World, wants more. Desperate for the return of $100. oil, will use cyber warfare or military as it did tin Syria if needed as D. Trump gets cheers from his ‘Rag Head’ haters.

    Then, there’s two and a half Billion Chinese and Indians combined consumption (685) that soon will surpass America’s (751). In three years those 2.7 Billion will need every liter of oil currently on offer for export. China growing 4.5% .. India 4.8% gasoline, 10% diesel.

    So far I’ve not mentioned the one single largest non Muslim (no dog in that US, Russian, Iraq, Iran Saudi Arabia fight) Venezuela. Venezuela contributed 2.5 million barrels per day, to US consumption, or did in 2016. No more.
    Venezuela is now utterly dependent on China.
    Just servicing an estimated $40 Billion in loans
    Venezuela will need to come up with three million barrels per day.
    Currently Venezuela’s ragged output .. (2.4 MB p/d)

    Listening to our ‘experts’, did we hear one of these points? We did not.

    The facts are simple, alternative energy, while cost effective cannot begin to match exported LNG and crude just now taking shape.

    Higher NG prices will bring back some coal in 2017, that’s a fact. However.. liquid fuels remain
    a genuine problem. Canada alone won’t be able to
    supply the needed 7.5 M B p/d crude.

  9. GregT on Sat, 31st Dec 2016 3:00 pm 

    “Hamericans still believe low gas and oil prices are here to stay. If you are one of the few who don’t, 2017 is the year to pick up a new or used EV.”

    They’d better “pick up” another way to generate electricity for those EVs while they’re at it Bob. Kind of pointless otherwise, don’t ya think?

    In 2015, the United States generated about 4 trillion kilowatthours of electricity. 67% of the electricity generated was from fossil fuels (coal, natural gas, and petroleum).

  10. Boat on Sat, 31st Dec 2016 4:21 pm 


    In 1970 FF was around 90 percent of electricity. My how times are changing.

  11. BobInget on Sat, 31st Dec 2016 4:44 pm 

    All ‘fossil fuels’ were not created equal .
    light oil, heavy, soft coal, hard, liquid gas,
    propane, methane from animal waste, methane from melting permafrost, rotting forests, etc.

    At day’s end, it’s water shortages demanding
    alternative energies be adopted.

  12. GregT on Sat, 31st Dec 2016 4:56 pm 


    “In the years 1920 to 1950, hydroelectric stations accounted for over 90 per cent of Canada’s total generating capacity.”

    “In 2010, 59 per cent of Canada’s electrical generation was from hydroelectric sources, while the remainder was generated from coal,
    nuclear, natural gas, petroleum, and renewable sources other than hydro.”

    An FYI for ya Kevin. Wind and solar still make up for less than 1.6% combined.

    My how times are changing.

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