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Penn West Petroleum Ltd. Message Board

  • hardmetalman42 hardmetalman42 Jan 19, 2013 5:55 PM Flag

    Oil price prediction by Goldman Sachs

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    • AND - What happens when the #$%$ in Venezuela dies (if he hasn't already) and they get their production back on track?

    • Goldman Sachs Strategist: Oil Price Could Reach $150/Bbl in Summer
      By Dow Jones Business News, January 17, 2013, 11:00:00 AM EDT Vote up

      By Hans Bentzien

      FRANKFURT--The price of oil could reach as much as $150 per barrel this summer, Goldman Sachs chief commodities strategist Jeff Currie said Thursday.

      At this year's global strategy conference in Frankfurt, Mr. Currie that he thinks it possible the price may reach $ 150 a barrel for Brent oil.

      He said he wouldn't be surprised "if we woke up in summer and oil cost $150" per barrel.

      In December, Goldman's official forecast for 2013 was around $100 a barrel. Brent oil to be delivered in February at present costs $110, while WTI costs $94.

      Mr. Currie pointed out that despite the boom in U.S. shale gas, the oil price remains high, which he attributed primarily to sanction-related supply disruptions in Iran.

      Trying to compensate for this, Saudi Arabia has already increased its oil production to a 30-year high this year.

      At the same time, Mr. Currie added that while global oil demand has increased at a slower pace, it is
      still higher than the production increases in non-OPEC countries.

      Sentiment: Strong Buy

      • 3 Replies to hardmetalman42
      • And as an update to this irrelevant article, recheck the facts about the Saudis. You'll find they just CUT production, they did not INCREASE it. Why did they cut production? Simple. Oversupply and soft demand. It was reported that they cut demand in DECEMBER, and GS is still insisting on issuing false information. Just like last May. Same scenario, different time.

        Sentiment: Sell

      • $150 / barrel was predicted years ago and never happened. This article was fro Germany which alsredy has higher fuel prices than in the USA.. $150 /barrel in the USA would ruin our economy.. Right now there is a glut of oil and this will probably remain so. NG on the other hand will soar as Japan and China will be importing via pipelines and shipping. Japan wants no more nuclear plants and is shifting to those run on NG. China will do the same. You may want to invest early in those shipping companies that will ship transport the gas in newly built or converted ships.

        Sentiment: Strong Buy

      • All very interesting, and irrelevant. Brent pricing has nothing to do with PWE, just as Gazprom's NG pricing has nothing to do with the North American market.

        Sentiment: Sell

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