Tom KirkmanIndependent Project Manager
More of my comments this Monday morning. Seems an oil price correction may be getting underway. *Finally* … overdue, in my opinion.
The combination of oil prices already reducing and Russia + OPEC discussing a 10% increase in oil production shortly, may be a 2 pronged approach to nudge the stampeding oil bulls back to more centrist path.
FROM THE THREAD
It's just my opinion. Doesn't mean my opinion is correct.
Here's a bit of background on the road to my current opinion of $65 oil:
https://community.oilprice.com/topic/2297-hey-oil-price-bulls-lets-do-the-time-warp-again/
Daniel, $80 seems to be the current price being floated around in the media for the Goldilocks oil price.
I tend to think that $80 prive drive was intiated by the Aramco IPO cheerleaders.
$65 oil is simply my opinion of a sustainable price for this year. Obviously, many others will disagree. And I have no issue with that.
I'm just trying to point out my view that if oil prices go too far above the Goldilocks "comfort zone" then oil prices will likely have a resulting drop too far down below the Goldilocks zone. My view is $65 is the Goldilocks zone, a relative equilibrium, where prices shouldn't go beserk with crazy ups and downs.
The MSM seems to think $80 is the new Goldilocks price. Seems we will need to agree to disagree, because I'm sticking to $65 as my best guestimate of the current Goldilocks price.
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