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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (18686)2/1/2017 11:15:20 AM
From: The Ox1 Recommendation

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John Pitera

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I would be very surprised to see WTIC break above the 2015 high on the long term chart, based on what we know at the moment about the current demand/production metrics. I don't completely discount this, as so many times we've seen trends extend in the direction of current momentum.

Basically, $40 to $60 is where I'd expect the range for oil (in US$) going forward. I think the temptation to "cheat" will be too much to pass up whenever (or if) oil prices approach $60-65, so much so that production will increase dramatically if it does.

I'd guess that improving economic conditions will keep demand high enough that $40 oil will likely be the floor but that's also predicated on production quotas being respected for the rest of this year (for the most part).

The drills will start to work harder and more will be put in place whenever oil is over $50....at least that's how I see it at the moment!
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