Oil And Gas Industry News…
OIL GURU WHO CALLED 2014 SLUMP SEES A RETURN TO $100 CRUDE
By Javier Blas – 7/21/2015
THE OIL GURU WHO PREDICTED LAST YEAR’S ROUT SAID $100-A-BARREL CRUDE IS LIKELY TO RETURN WITHIN FIVE YEARS AS FALTERING SUPPLY FAILS TO MEET DEMAND.
Gary Ross, the founder of consultants PIRA Energy Group, said oil markets aren’t nearly as oversupplied as many believe and spare capacity is tight since Saudi Arabia is pumping all the crude it can without new drilling.
“Current prices are unsustainable,” he said Monday in an interview in London. “It’s hard not to see oil hitting $100 a barrel at some point in the next five years.”
The forecast from Ross, who last year turned bearish on oil before prices shrank by half, is at odds with other analysts and investors bracing for “lower for longer” prices, a term coined by BP Plc Chief Executive Officer Bob Dudley. Saudi Oil Minister Ali Al Naimi said in December the world may not see $100 crude again, while the International Energy Agency has described the markets as “massively oversupplied.” Continue reading →
Crude Oil Gains on Speculation Inventories Fell for Eighth Week
by Moming Zhou
June 22, 2015 — 3:29 AM EDT Updated on June 22, 2015 — 3:15 PM EDT
Crude oil rose on speculation U.S. inventories fell for an eighth week, the longest stretch of declines in seven years.
Crude stockpiles decreased by 1.5 million barrels in the week ended June 19, according to a Bloomberg survey before Wednesday’s government report. Prices also gained amid optimism Greece’s debt crisis will be resolved.
“We are looking ahead to the inventory report already,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “We have a good economy ahead and it’s not going to be upset by a Greek default. It’s a macro play at the moment.” Continue reading →
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