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Saturday, 22 October 2016

Prospect of oil trading in a tight band for years is far-fetched

Prospect of oil trading in a tight band for years is far-fetched:

"Oil executives could be forgiven for feeling like they’ve been mauled by bears over the past two years, with the crude price collapse shredding their balance sheets and devouring their share prices.

At a major industry conference in London this week, however, talk of angry grizzlies was on the back burner. Instead, many were prepared to bet the market is about to experience a Goldilocks moment, with prices not too hot, not too cold, but — finally — just right.

The overarching view was that oil is preparing to settle into a $50-$60 a barrel range. BP chief executive Bob Dudley picked that band when asked where he saw oil trading in 2017, while the heads of independent oil traders such as Vitol, Mercuria and Gunvor all predicted prices would trade between $55 to $58 a barrel this time next year."



'via Blog this'