Baytex Energy Corp T.BTE

Oil likely to trade $85-$90 ....

[889900]

By Devika Krishna Kumar
(Bloomberg) -- Oil prices likely will trade at about $85- $90 a barrel in the third quarter even if OPEC+ producers and allies decide not to extend current supply cuts, said Gunvor Group Ltd.’s global head of research and analysis.
 
If Saudi Arabia and allies extend cuts beyond the second quarter, that could send prices even higher, Frederic Lasserre said during the CERAWeek by S&P Global conference in Houston.
Cuts beyond the second quarter currently are not planned.
 
Ample supplies largely have kept international oil prices in the range of $80 a barrel this year even as conflict in the Middle East disrupts regional shipping and Russia’s war with Ukraine escalates.
 
Gunvor Says Drones Shut 600,000 Barrels of Russian Refining “The Saudis have no choice but to switch back into this swing-producer kind of role and try to manage supply at very short term if they want to stabilize prices around $80,”Lasserre said.
 
Prices remain vulnerable to spikes, especially as geopolitical risks are elevated with two wars and disruptions at vital trade routes at the Panama Canal and Red Sea, Lasserre and Trafigura Group’s global head of oil Ben Luckock warned.
 
Meanwhile, oil demand from China is expected to increase by about 700,000 barrels a day this year, representing about 50% of total global demand growth this year, Lasserre said.

[Lina_Casa]

Amazing how the narrative and sentiment can change on a dime.  One week over supplied and then next week we are running out.   Don't get caught up in these headlines.  Don't get excited and don't get down when things reverse and they will.  The big players push the price down with all the negative headlines and then reverse the story and profit on the way up.&

[riski]

China slowing is now officially a meme. Western mainstream media (probably receiving incentives from Biden and his buddies) have published a "China slowing" article once a week for three years now. It's just like background noise at this point. There was an interview with a China economic government official a few months ago and he was asked why their economy has been reporting such

[Lina_Casa]

Post of the year Riski !

[IainCaimbeul]

Riski, you are the voice of reason on this board, bar none. Cheers.

[Nothingmatters]

Riski is a hyper bull... and hasn't made any money from the last years...  It has been just two days since oil went above $80 and he came with a post of 1 billion fcf. Lol  But I would not go to the extent of saying he is an idiot. 

[Marty47]

That's what I projected way back in Nov on my previous posts , I do stick to my projection at 85$ wti at the end of may , my feb projection for 80$ on March 1 was exactly what happen ....I don't project too much in range when I get 2 months projection I like go with an exact number ..... it give more credibility , I did project back in Nov wti would range 70-80$ wti for 2024 as it was