Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman

[Tom Kirkman + 8,860]

Hindustan Petroleum's assessment sounds about right to me.

My hope for 2019 is an average of $70 oil [Brent] and $65 [WTI]. 

My hope for 2018 was an average of $65 oil [Brent].

Quick summary of my hopes for oil prices from 2015 - 2017 is here  (hint, it was between $50 to $60).

Oil prices may go up, but will be below $70 a barrel in FY19: HPCL chairman

With speculations that crude oil prices may go up again after Qatar deciding to pull out of the oil cartel OPEC and an expected supply cut this week, Hindustan Petroleum Corporation (HPCL) Chairman and Managing Director M K Surana on Monday said that while the prices may go up, they will still be below $70 a barrel for the rest of the current financial year. ...

 

[cbrasher1 + 272]

I'm similarly in line with you on those 2019 averages I'm hoping for more along the lines of $75 brent and $70 WTI from an oilfield workers perspective 😃but your averages are workable as well

[goldenshot 0]

The pullback little bit of 1.5% should be good entry to go long the prices which has crashed so low may just be a panic selling I see a 60$ tgt in wti in short term basics. 

[cbrasher1 + 272]

today is the day...OPEC defies Trump's call for continued wide open taps and does the smart thing and agree to production cuts.  I am thinking 1.1 mill bpd maybe?  After all I believe that is what they do for him helping create this oversupply by granting concessions to countries when sanctions on Iran were re-instated.  Sitting out on location hoping for a positive outcome 🙂 I do not foresee OPEC attempting to flood the market again as I am sure they recall the last outcome of that bet, it hurt us as well as themselves and they need they higher price to balance their budget and fund their projects.

Edited December 6, 2018 by cbrasher1

[Bhimsen Pachawry + 72]

On 12/4/2018 at 9:08 AM, cbrasher1 said:

I'm similarly in line with you on those 2019 averages I'm hoping for more along the lines of $75 brent and $70 WTI from an oilfield workers perspective 😃but your averages are workable as well

FY19 in India means till March 2019. India follows calendar from April to MArch in financial year. The oil price is low due to pressure from Narendra Modi, not Trump. So, till Indian election of 2019, the oil price will be low to help Narendra Modi to win elections without having to resort to very militaristic approach (like promising to wipe out Pakistan and other serious threats and actions) which can be destabilising in nature for Middle East

 

https://twitter.com/amishra77/status/1070659487676227584

Edited December 10, 2018 by Bhimsen Pachawry

[Tom Kirkman + 8,860]

59 minutes ago, Bhimsen Pachawry said:

FY19 in India means till March 2019. India follows calendar from April to March in financial year. The oil price is low due to pressure from Narendra Modi, not Trump. So, till Indian election of 2019, the oil price will be low to help Narendra Modi to win elections without having to resort to very militaristic approach (like promising to wipe out Pakistan and other serious threats and actions) which can be destabilising in nature for Middle East

Well that certainly changes the article's meaning for me.