Monday, June 8, 2015

Oil could stay below $65 for a while

There's plenty more crude oil being found all around the world. I think it's going to be very difficult to push WTI much beyond $65 maybe $66. 

I think it's going to be relatively easier to get the WTI down into the high $40's or low $50's.

The whole world is happy with $60 WTI [and] with $65 Brent. Producers are happy with that number—or at least reasonably happy with that number. Consumers are happy with that number. The users of crude oil are happy with that number. It wouldn't surprise me if we actually did go sideways for a protracted period of time.