RE:RE:RE:bought more CJ shareshipfner wrote: Sad to say, but WTI is likely to fall to $40 in the next few months. Additional supply from Libya and Nigeria coming back. They are exempt from the OPEC deal.
The world is awash in crude.
The majors haven't been invetsting in new resources for several years, so the glut will end in a few years. That reality will dawn on the market sometime in 2018.
(long time shareholder in CJ. Not buying anything in the sector until, perhaps, autumn)
What matters is that the Saudis are going to be shipping less oil to the US, and that should start to create more draws from US supplies. That is all the futures market cares about, so should support the price of oil. I doubt WTI will fall to $40, so you should be buying now, not in the fall. WTI should be back in the mid $50's by then.