GTB 737 banner Yudala banner

Man who predicted crash of oil price returns with another prediction

By News Express on 15/04/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 2,379


When oil was trading for about $74 a barrel in late 2014, oil analyst Tom Kloza made what seemed like a crazy call: Oil would fall to $35 in the next year.

Thirteen months later, his prediction came true.

Now, with oil rallying nearly 60 percent off its Feb. 11 low, he’s back with another prediction: Don’t get too excited.

Kloza, global head of energy analysis at the Oil Price Information Service, said that despite the recent surge, oil is trapped in a tight range between $35 and $45 – even as anticipation grows over potential production cuts that could come Sunday when OPEC and non-OPEC producers meet in Doha, Qatar.

“The expectations are pretty low,” said Kloza on CNBC’s “Futures Now” on Wednesday. “They have no integrity in terms of compliance and in terms of maintaining cuts.”

However, a CNBC survey out Friday of 23 experts found that 56 percent saw a better than 50/50 chance of a freeze agreement.

According to Kloza, investor expectations for any type of freeze are misplaced. He thinks the most likely outcome is no freeze at all. In a note, he said price action this week is a bit of a triumph over reason on the suggestion that a production “freeze” could come out of Doha.

Crude recently crossed above the key 200-day moving average for the first time since July 2014. The move sparked speculation that crude would break out even higher. For now, Kloza isn’t in that camp.

“This is not the beginning of the new golden age of oil. That may come next year, and I do think we’ve seen the lows. But, it's going to be very difficult to mount a rally until the second half of the year,” he said.

That’s when Kloza acknowledges oil could break the $45 per barrel mark. But, he added, a dramatic move to $50 to $60 is unlikely due to factors such as U.S. inventory levels and consumption slowdowns in the emerging markets.

•Photo shows oil analyst Tom Kloza.

Source News Express

Posted 15/04/2016 5:28:16 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
NIGERIA DOOMED WITHOUT STATE POLICE —Onwubiko

8.4m Nigerians to benefit from FG’s social intervention...

The almighty politicians, By Tola Adeniyi

Burnley stun champions Chelsea in EPL opener

Tension in Anambra community over allegations of human...

Meningitis: Senate tasks Health Ministry, NCDC •FCT, Niger,...

Police quiz 2 Lagos traditional rulers over mayhem...

Woman charms fiancé inside Lagos home, disappears with...

Redeemed Church outlaws Aso ebi, ungodly wedding engagement...

Federal Task Force workers cry out over 3...

Ebenezer Obey a living icon at 75: Amosun...

Court restrains lawyer, others from defaming Akpabio

 

Latest News Corruption scandal rocks Nahco •EFCC battles Board, Management over cover-up attempt 7 local government areas in Borno still under Boko Haram control — APC chieftain 4 Police Officers in trouble over murder No going back on airports concession, says FG Address marginalisation of Igbo now, Senators, Reps tell Buhari Nigeria exited recession in Q2 of 2017 — Budget Ministry Court dismisses Diezani’s application seeking to be joined in $1.6bn oil scam suit Staff of defunct Nigerian Airways get N45bn Trump hosts Buhari, others Foreigners rush to buy Nigeria’s debt Okowa hails Keyamo, Ohwovoriole on elevation as SAN The Chinese Prince and the Starving Tigers

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (278,519 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (260,415 views) Shameless Genevieve Nnaji exposes breasts in public (211,498 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (177,650 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (176,713 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (158,333 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (136,707 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (126,765 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (120,285 views) Lagos plane crash: Journalist releases victims’ names (111,208 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (110,386 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (102,748 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (28) Business (2,695) Business Verdict (22) Columnists (742) Complaints & Requests (93) Enterprise & Opportunities (178) Entertainment (378) Features (487) Global Business Monitor (178) International (1,543) Interviews (129) Live Commentary (28) Love Matters (73) News (28,567) Opinion (809) Pidgin (8) Politics (3,935) Religion (627) Sports (1,322) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Manchester United vs Everton 4-0 All Goals & Extended Highlights

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!