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 If you want to invest in oil, I would argue it is fairly priced now. We have had a very mild winter, the Iran issue has subsided, the reserve is filled and hurricane season is six months away. We are in a lull in the "fear factor" for oil. The price has cooperated and fallen to around $50 a barrel and bounced around there for a while now. Even the announcements from OPEC that they will cut production has only lead to small price increases. What does this tell us? The supply demand equation is equal - the diminished supply from OPEC is being offset by the diminished demand from the mild winter. $50 seems to be the "fair value" of oil.
seekingalpha
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Posted on Wednesday, January 31 @ 20:43:50 PST by Waegari |
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