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23 Apr 2015
A bit early to go bullish on oil – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood shares key comments from CEO’s of energy companies and investment managers made in the two oil conferences - CERA Annual shindig and the FT Commodities thrash in Lausanne.
Key Quotes
“Here is a brief selection of comments from the good and the great in no particular order from the CERA Annual shindig and the FT Commodities thrash in Lausanne.”
“Rex Tillerson, CEO of Exxon was more sanguine about oil prices saying that we might have to get used to lower oil prices and whilst not as bearish (he was bullish yesterday) Ian Taylor of Vitol said that there would likely be a dip in the 2nd quarter but that oil wouldn’t go below the January lows of $46.”
“Others were more bullish, with Tony Hayward of Glencore and Genel Energy suggesting that oil prices would soon return to near $80 a barrel. His comment that ‘ action by companies to withdraw capital from the sector is sowing seeds for the next bull market’ I concur with but he may be going bullish a bit early.”
“Elsewhere the CEO of Gunvor, Torjorn Tornqvist aid that ‘the low oil price is behind us’ whilst industry mouthpiece PIRA went further by saying that the price would ‘rise substantially’ in the coming months’.”
“Add to that the legendary investment manager Mark Redway concluding that oil prices would rise in 2015 and industry professionals are at least on the face of it feeling a bit more upbeat at the moment.”
Key Quotes
“Here is a brief selection of comments from the good and the great in no particular order from the CERA Annual shindig and the FT Commodities thrash in Lausanne.”
“Rex Tillerson, CEO of Exxon was more sanguine about oil prices saying that we might have to get used to lower oil prices and whilst not as bearish (he was bullish yesterday) Ian Taylor of Vitol said that there would likely be a dip in the 2nd quarter but that oil wouldn’t go below the January lows of $46.”
“Others were more bullish, with Tony Hayward of Glencore and Genel Energy suggesting that oil prices would soon return to near $80 a barrel. His comment that ‘ action by companies to withdraw capital from the sector is sowing seeds for the next bull market’ I concur with but he may be going bullish a bit early.”
“Elsewhere the CEO of Gunvor, Torjorn Tornqvist aid that ‘the low oil price is behind us’ whilst industry mouthpiece PIRA went further by saying that the price would ‘rise substantially’ in the coming months’.”
“Add to that the legendary investment manager Mark Redway concluding that oil prices would rise in 2015 and industry professionals are at least on the face of it feeling a bit more upbeat at the moment.”