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The Closing Bell U.S. Stocks Rise, On Track To Book Weekly Gains
From Top 12 Media Myths On Oil Prices Posted on Wed, 08 April 2015 16:45 By Dan Doyle for Oilprice.com Biography Dan Doyle is president of Reliance Well Services, a hydraulic fracturing company based in Pennsylvania. In short, oil prices will increase as weekly E I A production numbers begin posting declines as we saw last week. Demand will increase. Inventories will start getting eaten into by midyear. Europe will contribute as will Asia and the Middle East. A shrinking Chinese market is still growing at 7% a year, and that market is much bigger now than when it was posting 10% yearly growth five years ago. Rich Kinder was right in calling the bottom in the low 40s and John Hofmeiser (former President of Shell Oil) and T. Boone Pickens are probably pretty close to being right with their call of $80 as the top in the next year or so. A solid $65 to $70 by year end is the more reasonable number and is just enough to hold off development of some offshore projects, oil sands work and a good amount of the non-core shale plays. A stronger dollar will also do its work here as will a Saudi Arabia hell bent on market share. There will be less and less for shorts to hold onto and very few will want to be stuck on the same side of the trade as the big investment banks. Misperception #11: American shale producers are the new swing producers. No, their banks are. http://oilprice.com/Energy/Oil-Prices/Top-12-Media-Myths-On-Oil-Prices.html
@Ted, Here's a suggestion for you.A little less scolding and some caring for your nearby neighbors! ( If you haven't already) TO DONATE TOWARDS THE NORTHERN ILLINOIS TORNADO DISASTERS Donate online or call 1-800-SAL-ARMY, or text SACHICAGO to 80888 to make a $10 donation*. Donors may also mail a check to: The Salvation Army Metropolitan Division, 5040 N. Pulaski, Chicago, IL, 60630 https://donate.salvationarmyusa.org/metropolitan/tornado
Comments
Apr 10 2015, 14:15 ET | By: Carl Surran, SeekingAlpha News Editor
The oil rig count has fallen for 18 consecutive weeks and is down 53% from the recent peak of 1,609 rigs hit on Oct 10, 2014.
http://seekingalpha.com/news/2420336-u-s-oil-rig-slowdown-resumes-rapid-pace-down-40-this-week
http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview
From Top 12 Media Myths On Oil Prices Posted on Wed, 08 April 2015 16:45
By Dan Doyle for Oilprice.com
Biography
Dan Doyle is president of Reliance Well Services, a hydraulic fracturing company based in Pennsylvania.
In short, oil prices will increase as weekly E I A production numbers begin posting declines as we saw last week. Demand will increase. Inventories will start getting eaten into by midyear. Europe will contribute as will Asia and the Middle East. A shrinking Chinese market is still growing at 7% a year, and that market is much bigger now than when it was posting 10% yearly growth five years ago. Rich Kinder was right in calling the bottom in the low 40s and John Hofmeiser (former President of Shell Oil) and T. Boone Pickens are probably pretty close to being right with their call of $80 as the top in the next year or so. A solid $65 to $70 by year end is the more reasonable number and is just enough to hold off development of some offshore projects, oil sands work and a good amount of the non-core shale plays. A stronger dollar will also do its work here as will a Saudi Arabia hell bent on market share. There will be less and less for shorts to hold onto and very few will want to be stuck on the same side of the trade as the big investment banks.
Misperception #11: American shale producers are the new swing producers. No, their banks are.
http://oilprice.com/Energy/Oil-Prices/Top-12-Media-Myths-On-Oil-Prices.html
Another thank you, for your time and effort with this information.
Catch
caring for your nearby neighbors! ( If you haven't already)
TO DONATE TOWARDS THE NORTHERN ILLINOIS TORNADO DISASTERS
Donate online or call 1-800-SAL-ARMY, or text SACHICAGO to 80888 to make a $10 donation*.
Donors may also mail a check to:
The Salvation Army Metropolitan Division, 5040 N. Pulaski, Chicago, IL, 60630
https://donate.salvationarmyusa.org/metropolitan/tornado