Normally mostly agree with BP but IMO he's got this one wrong (on both counts) and respected CEOs closer to the action offer counter views. BP is offering a binary oil price bet - maybe he is simply long on calls in the futures market. I hope the price does spike up to $70 for whatever reason - so the E&Ps I hold can hedge 2016/17.
There's a triple threat at least IMO - oversupply (globally with potential for sharp increase from Iran), soft demand growth (talking rate of change) and price variables external to oil fundamentals (so USD strength, GDP, Debt/Liquidity).
What odds of a Tues (14th) mid month update to at least show production numbers....
SSN Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
