Conoco CEO sees return to $40s unlikely, demand growth doubling
Reuters 1 hr 53 mins ago
VIENNA, June 4 (Reuters) - ConocoPhillips Chief Executive Ryan Lance speaking on Thursday at OPEC's seminar in Vienna:
* "We do see demand rising slightly so it does provide some support for prices."
* "It is hard to envision it (the oil price) going back down to the $40s"
* "We see world restoring demand (growth) to 1.1 or 1.2 million bpd ... double what it was over the past few years".
* On U.S. shale production outlook: "If prices stabilize or improve a bit you will see rigs come back into 2016 and 2017".
* U.S. tight oil industry "will survive at $100 and it will survive at $50 or $60 Brent pricing too"
EIA's production figures appear to have seriously understated U.S. oil production since 2015 began - potentially by as much as 200,000 barrels/day - masking the extent of the excess supply in the U.S. market. Over the past ten days, however, it has become clear that EIA has severely underestimated U.S. oil production since the first of this year, raising serious questions regarding EIA's recent estimates of future production.
The first sign that EIA's assessment might be far off the mark occurred on May 28th, when EIA issued its Weekly Petroleum Status Report for the week ending May 22nd. In its May 28th Report, EIA abruptly raised its estimate of weekly production, reporting that production in the Lower 48 states had increased by 209,000 barrels/day between the week ending May 15th and the week ending May 22nd - the largest one-week increase ever reported by EIA not attributable to restoration of production after a major hurricane in the Gulf.
I couldn't agree more. Oil was up 3%+ and this along with other oil stock were down or relatively flat. I can't figure out why this closed down so much today and cannot hold any gains. I doubt it is the Poland news. However, it does look like the chart is setting up for a turn to the upside according to the MACD. We will see and I hope it does as I have long call options on this one (January $65).
63.00 or 63.25 looks like a buy right now even though all stocks are Ponzi-krap
YOU are calling Lance Ryan a dunce? He just happens to be "best of breed" when ranking E&P CEO's. Now just where does that place you DUNCE?
Sentiment: Strong Buy
I sleep just fine knowing he is at the Helm. Talk to me in 10 years and I'll wager my investment that we are doing just fine......
Well Mr. Expert, what co CEO did hedge at much higher levels? What percentage should they have done at what price. Boobs like you can always be a Monday morning quarterback, come back when you can add meaningful statements to this board! Every investor in a oil co already wished every CEO had a crystal ball on where oil pricing was heading too! So if you are in at a high price you should be adding a few when down in 61-62 price range and a long term investor.
Only problem is COP is not moving along with the price of oil. I'm not sure why but Chevron and Exxon were higher today. My January Call options are getting crushed.