Cog wrote:Revi wrote:I was worried about my big guess, but then oil dropped again today. Even with production cuts it's staying around $50.
Interesting...
Were you expecting the price to go to $100/bbl. This is a relatively modest cut and it has achieved what it was meant to do. Establish a bottom support level. As long as the OPEC partners don't cheat, then it should enable them to do so.
I suspect you are letting that ETP model interfere with your common sense.
PeakOiler wrote:Here's the updated list:
Changes to one's guesses can be made before the first EIA report with 2017 data in early January.
wildbourgman wrote:High: $81
Low: $48
End: $79
Average: $59
AutomaticEarth wrote:Please add me to the list. I'll think about the values later on. Thanks.
Subjectivist wrote:So based on the list so far I should be several up from dead bottom when the new year starts.
dolanbaker wrote:High 71
Low: 47
Close: 68
Average: 58
PeakOiler wrote:One of the things I do to help with my estimates is to guess what the range might be, based on historical data and what i think it might be the next year. For example, look at this chart:
The 2017 column is an estimate. Then after reading numerous articles with regard to future prices by various agencies and organizations, I make my guesses.
KilonBerlin wrote:What is the normal situation on the oil market? Contango or Backwardation?! I always thought its Contango when the current price is high and Backwardation when the actual price is low...
Outcast_Searcher wrote:What I recall, and see when I look at a WTI chart is that WTI averaged roughly $90+ish from, say, mid-2010 through mid-2014. That looks nothing like your chart. So if your chart isn't historical WTI prices, what is it, please?
Example of a WTI chart I just perused to check my recollection:
http://www.macrotrends.net/1369/crude-o ... tory-chart
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