Where do you think Crude Oil prices are going?

[Grant 302]

We've all been enjoying lower fuel prices lately. 8) I'm curious how long everybody thinks it'll last... You can pick up to two in case you think it's going to go up then down or vice versa.

 

[Roadhouse]

I work in the Oil/Gas industry so I certainly hope it goes back up And honestly, I really do think it will go up. Maybe not back up to $100 barrel but I think it's going to get back up to around at least 80 within the next 6 months to a year. Lots of people losing their jobs right now...

 

[orng302]

Don't like to hear about people losing their jobs especially since I just lost mine, but I have absolutely no sympathy for the arab states or Venezuela. Unfortunately your industry is heavily tied to both.

 

[VoodooBoss]

The key to this is US production and inventory. Both continue to rise so oil will go lower. WTI should hit $40 in the next month. Are bets are off if the Middle East blows up next week. I follow this very closely at work. Buying opportunities are coming but be patient.

 

[Roadhouse]

Don't like to hear about people losing their jobs especially since I just lost mine, but I have absolutely no sympathy for the arab states or Venezuela. Unfortunately your industry is heavily tied to both.

Sorry to hear about the loss of your job. Yes, unfortunately the nature of the industry is cyclical. When times are good, everyone is happy. But when they're bad you just hope you can ride it out.

 

[four-walling]

Up.

 

[Backorder]

Definitely up. It seems to have stabilized a bit as of late. I'm guessing $70ish by end of year. Like others that have posted, I'm in the oil & gas industry. Last week I heard of half a dozen people getting laid off and the layoffs continue today and this week. Just hoping to survive at this point! There are some companies maintaining workforce but must are doing cuts.

I will be smiling when it's back up and people are needed again lol

 

[Grant 302]

Was just over $50.50 earlier this morning. $49.49 at the moment.

 

[Fomoco302]

If this USW strike lasts very long, up,up,up we go.

 

[cbj5259]

Hopefully the price can strike a balance where people aren't getting gouged and the workers in the industry aren't losing their jobs. That probably is somewhere around $80-90. Unfortunately, it isn't all about the price of crude, but about how weak the dollar has become over the past 30 years as well.

 

[cosm3os]

They way I'm driving and with my tune stewing me in raw fuel--UP!

 

[Grant 302]

Looking for a near term spike into the $58-$59 range for WTI.

Prices lately at the pump already up over 10% from the recent lows.

 

[Grant 302]

Looks like we're headed for a test of the previous lows in the $43-$44 range soon.

 

[VoodooBoss]

Inventories are at all time highs. Even though production is backing off it could take a while for inventories to be reduced. I still think we can hit $40 on WTI.

 

[Grant 302]

Seems likely now considering the momentum/'velocity'.

 

[Grant 302]

Looks like bottoming action today based on the price action. Strong support at just above the $43 level.

 

[Grant 302]

Back up over $52 earlier today. Gotta go higher to finance my GT350 fund!!! ;D

 

[Grant 302]

Currently over $55 $56 now!

 

[Jabooh]

So I too work in the oil and gas industry. My company is tied to Brent prices not the domestic WTI index.

The turmoil in the Middle East coupled with the declining domestic production (yes it's going down. May should see a decrease of about 50k bbl/d) will send it back up.

The Cushings report (Cushing, OK) indicates the weekly contribution to the storage is decreasing. Still increasing as a whole but the weekly increase is getting smaller.

Futures pricing has Dec '15 at $58.64/$63.86 (WTI/Brent) and Dec. '16 at $63/69 (WTI/Brent).

 

[Grant 302]

Finally a (small) draw down at Cushing reported the other day.

A bit of a surprise that even just 'flattening out' production seems to have pushed up prices this far. Not complaining though! ;D

Trading around $59 now.