Thursday, February 04, 2016

Global oil supply and demand pushed oil to under $30 a barrel in January

Looks like supply and demand will meet this year, pushing up prices to $60 per barrel (the breakeven cost for expensive producers who have now shut down) by June 2016 as predicted by T. Boone Pickens.

The "rig count" is down all over the world not only in the US, but global demand should be higher than ever this year or in 2017. I don't see how "lower for longer" 15 years? makes sense.

Comments, questions or E-mails welcome:

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