Analyst: Oil Prices Could Hit $15

[rdean]

Analyst: Oil Prices Could Hit $15


U.S. crude oil fell to a low of $41.35 per barrel on Friday before climbing above $42 early this week. Cumberland Advisors co-founder David Kotok, however, told CNNMoney that the market could see "$15 or $20 oil easily."

"There is no evidence whatsoever to suggest we have bottomed," Kotok said of the oil market.

--------------

Hmmmm

 

[JakeStarkey]

Kotok is talking out of his butt. We could slow production, SA could slow production. The problem is that China's problems with industrialization appear to be far worse than they appeared until today.

SA may keep producing to destroy shale energy in America and break Russia financially for a decade.

 

[Jomama]

The nominal cost of oil production for various countries is:

Saudi Arabia – $21/bbl

Middle East – $24/bbl

Russia – $26/bbl

Mexico – $42/bbl

S.America/Europe/Eurasia/Africa – $56/bbl

North America – $60/bbl

Gulf Deep Water – $70/bbl

Canada tar sands – $82/bbl

other unconventionals – $100/bbl

"...One reason Saudi Arabia has dominated the world oil market is that they have more oil that is easier to produce than anyone else. The Saudis have sweet crude that is unmatched for ease of access, recovery and refining. They can bear to sell at $15/barrel without going bankrupt, something no one has done since the Los Angeles basin almost a hundred years ago. So they are well-positioned for this economic war with oil."

"...The Bakken formation in North Dakota that has an overall break-even point of about $40/bbl. However, in McKenzie County, the break-even point is only $28/bbl, while Divide County had a break-even point of $85/bbl (OGJ).

U.S. Winning Oil War Against Saudi Arabia

 

[Huey]

Kotok is talking out of his butt. We could slow production, SA could slow production. The problem is that China's problems with industrialization appear to be far worse than they appeared until today.

SA may keep producing to destroy shale energy in America and break Russia financially for a decade.

can you imagine paying $1.00 a gal of gasoline.

 

[Mr. H.]

Kotok is talking out of his butt. We could slow production, SA could slow production. The problem is that China's problems with industrialization appear to be far worse than they appeared until today.

SA may keep producing to destroy shale energy in America and break Russia financially for a decade.

can you imagine paying $1.00 a gal of gasoline.

40-60 cents of which are taxes per gallon.

 

[waltky]

Look for gas prices to go up...

Oil prices climb on upbeat economic data, ECB stimulus moves
Oct 23, 2015, : Oil prices extended gains into a second day in Asian trade on Friday, finding support from brighter economic data and a global stock market rally after the European Central Bank signalled its willingness to launch more stimulus measures.

Brent for December delivery rose 41 cents to $48.49 a barrel at 0648 GMT after settling up 23 cents in the previous session. US crude for December delivery climbed 22 cents to $45.60 a barrel, having risen 18 cents previously. The gains followed a slew of upbeat economic data, while ECB president Mario Draghi said new Eurozone pump priming initiatives could be unveiled as soon as December. "It's all about the numbers," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. "The market is taking the view that governments will not allow economies to falter. These expectations suggest more active economic development will force consumption to go up," he said.

But preliminary business survey data for the Eurozone and the United States later on Friday could weigh on oil markets after the rally in prices in Asia, said Daniel Ang, an analyst at Singapore's Phillip Futures. "I expect to see some bargain hunting but I'm sceptical the rise (in oil prices) could continue," he said. The Markit Flash Manufacturing Purchasing Managers Index (PMI) data for October could indicate further economic weakness. "I don't think it'll be favourable for the markets," Ang said. Elsewhere, Japanese manufacturing activity expanded in October at what could be its fastest pace in 19 months, according to Markit/Nikkei Japan Flash Manufacturing PMI data on Friday.

China's commercial crude oil stocks at the end of September rose 2.38 per cent from August, while diesel stocks saw a record 15.68 per cent drawdown and refined fuel stocks overall dropped 7.46 per cent, the official Xinhua News Agency reported on Friday without giving actual volumes. Average new home prices in China rose in September for a fifth straight month, according to Reuters calculations from official data published on Friday. Data from the United States on Thursday showed a strong rebound in home resales in September and new applications for unemployment benefits hovered around 42-year lows last week.

MORE

 

[CrusaderFrank]

Analyst: Oil Prices Could Hit $15


U.S. crude oil fell to a low of $41.35 per barrel on Friday before climbing above $42 early this week. Cumberland Advisors co-founder David Kotok, however, told CNNMoney that the market could see "$15 or $20 oil easily."

"There is no evidence whatsoever to suggest we have bottomed," Kotok said of the oil market.

--------------

Hmmmm

It's like saying the prices of a new Mercedes could dip below $12,000

The guy is deluded and probably means oil will spike back up to 60 or 80

 

[Igrok_]

What about a law in US to cancel oil export ban? If it being cancelled, prices could fall down.

 

[EdwardBaiamonte]

Analyst: Oil Prices Could Hit $15


U.S. crude oil fell to a low of $41.35 per barrel on Friday before climbing above $42 early this week. Cumberland Advisors co-founder David Kotok, however, told CNNMoney that the market could see "$15 or $20 oil easily."

"There is no evidence whatsoever to suggest we have bottomed," Kotok said of the oil market.

--------------

Hmmmm

could hit $15 could hit $100. If anyone knows they can make millions!!

 

[Igrok_]

Analyst: Oil Prices Could Hit $15


U.S. crude oil fell to a low of $41.35 per barrel on Friday before climbing above $42 early this week. Cumberland Advisors co-founder David Kotok, however, told CNNMoney that the market could see "$15 or $20 oil easily."

"There is no evidence whatsoever to suggest we have bottomed," Kotok said of the oil market.

--------------

Hmmmm

could hit $15 could hit $100. If anyone knows they can make millions!!

but some know and actually make this money.

 

[nat4900]

Perhaps a good time to raise a STATE tax on gasoline with the direct provision that the revenue MUST be used for infrastructure and the fixing of highways.

 

[EdwardBaiamonte]

Perhaps a good time to raise a STATE tax on gasoline with the direct provision that the revenue MUST be used for infrastructure and the fixing of highways.

better to let families keep their money to improve their standard of living than let govt waste the money!.

 

[JakeStarkey]

Perhaps a good time to raise a STATE tax on gasoline with the direct provision that the revenue MUST be used for infrastructure and the fixing of highways.

better to let families keep their money to improve their standard of living than let govt waste the money!.

Edward, the tax money will create jobs in fixing the roads and bridges.

 

[initforme]

I hope it falls to 10 cents. Who cares? Not most people.