http://www.canberratimes.com.au/bus...hat-the-hell-is-going-on-20160112-gm4mhu.html
Summary: big calls on oil price forecasts from big names have been very wrong before. So recent calls predicting $20 per barrel, or $16 are just as likely as me pulling a number out of thin air like, say, $49.
Overall I know that the average price of producing oil to meet global demand is higher than the current oil price. More importantly, the MARGINAL price of oil production to MEET demand is above $70 (see attached chart).
So in the short term the price of oil it might go up, it might go down. Long term it HAS to go up.
Oil price slump: Let's face it, nobody knows what the hell is going on.
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46.5¢ |
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| Open | High | Low | Value | Volume |
| 47.0¢ | 47.0¢ | 45.5¢ | $31.34K | 67.88K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3338 | 46.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 47.0¢ | 199900 | 2 |
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