The second coming of $100/bbl oil
Posted: Sun 14 Mar 2021, 00:30:46
Oil prices and oil stocks just had their best quarter in years!
Oil is now up to $65/bbl, more then doubling off the lows. Some oil company stocks have more then doubled over the last few months. For instance, I've got some Schumberger and its more than doubled in the last few months.
crude-to-100-trader-makes-the-case-for-a-spike-in-oil-prices
We last saw $100 bbl/oil in 2014, and now some oil traders are predicting we'll see the second coming of $100/bbl oil in 6 to 12 months.
That seems reasonable to me......Oil will only need a 50% move up from here to hit $100/bbl
And the stars are aligning to take oil to $100/bbl.
Biden is exploding the deficit and the Fed is printing money like crazy----both will tend to devalue the dollar and drive the price of everything (including oil) higher.
Biden has signaled he is going to ban fracking and limit or even ban oil leasing and drilling on federal lands-------both will hurt US oil production and tend to drive the price of oil higher
Biden is going to send a giant infrastructure bill to Congress, but rumor has it the infrastruction bill will actually the green new deal. No doubt the Ds will lard it up with measures to increase the price of oil in order to make renewables more attractive.
AND
The Saudis just announced they are reigning in their own oil production-----this will tend to drive the price of oil higher.
AND
Oil exploration and development around the world has lagged for years due to low oil prices. This sets the stage for oil prices to go much higher in the year ahead.
$100/bbl oil here we come! Again!
Cheers!
Oil is now up to $65/bbl, more then doubling off the lows. Some oil company stocks have more then doubled over the last few months. For instance, I've got some Schumberger and its more than doubled in the last few months.
crude-to-100-trader-makes-the-case-for-a-spike-in-oil-prices
We last saw $100 bbl/oil in 2014, and now some oil traders are predicting we'll see the second coming of $100/bbl oil in 6 to 12 months.
That seems reasonable to me......Oil will only need a 50% move up from here to hit $100/bbl
And the stars are aligning to take oil to $100/bbl.
Biden is exploding the deficit and the Fed is printing money like crazy----both will tend to devalue the dollar and drive the price of everything (including oil) higher.
Biden has signaled he is going to ban fracking and limit or even ban oil leasing and drilling on federal lands-------both will hurt US oil production and tend to drive the price of oil higher
Biden is going to send a giant infrastructure bill to Congress, but rumor has it the infrastruction bill will actually the green new deal. No doubt the Ds will lard it up with measures to increase the price of oil in order to make renewables more attractive.
AND
The Saudis just announced they are reigning in their own oil production-----this will tend to drive the price of oil higher.
AND
Oil exploration and development around the world has lagged for years due to low oil prices. This sets the stage for oil prices to go much higher in the year ahead.
$100/bbl oil here we come! Again!
Cheers!