| Futurist Sees Oil Hitting $80 Per Barrel In 1-2 Years | |
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Economist and futurist Chris Martenson says oil prices will rise to $80 "within one or two years."
The founder of the web site Peak Prosperity told Benzinga
that oil "has to at least cost the marginal cost of production. That's at least $80 a barrel in this world."
Oil
Oil prices trended down Friday amid oversupply concerns, with U.S. oil contracts off about 1 percent at $59.10 and Brent contracts down a fraction of a percent to $62.85 a barrel.
Martenson added, "We're looking at a market that is about as oversupplied as it's been in a long time. Thats going to weigh on prices."
Related Link: Global Oil Supply And Demand In 8 Charts
Shale
Shale oil companies, meanwhile, are laden with a total of
$235 billion in debt, according to Martenson.
"Even if they got $50 a barrel it means that 4.7 billion barrels of oil they're pumping is already spoken for by the debt," Martenson said.
In Focus
Martenson singled out Whiting Petroleum Corp (NYSE: WLL) for its debt.
"People investing in that company are counting on higher oil prices," Martenson said of Whiting. "That's a bet that's not an investment."
Martenson added that crude is a fundamental market. "That's why I love it. It ends up making sense," Martenson said.
Image Credit: Public Domain
Latest Ratings for WLL
Date | Firm | Action | From | To |
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Jun 2015 | Citigroup | Upgrades | Neutral | Buy | Jun 2015 | Deutsche Bank | Upgrades | Hold | Buy | Jun 2015 | Barclays | Maintains | | Equal-weight |
View More Analyst Ratings for WLL
View the Latest Analyst Ratings
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Whiting Petroleum Corporation
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CODE : WLL |
ISIN : US9663871021 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Whiting Petroleum est une société de production minière de pétrole basée aux Etats-Unis D'Amerique. Whiting Petroleum est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 6,2 milliards US$ (6,1 milliards €). La valeur de son action a atteint son plus haut niveau récent le 22 août 2008 à 99,26 US$, et son plus bas niveau récent le 03 avril 2020 à 0,25 US$. Whiting Petroleum possède 90 927 193 actions en circulation. |