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Video: Supply Will Drive Oil Down

June 22, 2009

I say the fundamentals don’t support  higher oil prices, and he expects them to fall back below recent peaks.

Watch the video on MSN Money

Supply will drive oil down
Supply will drive oil down

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

Written by Andrew Horowitz · Filed Under Economy, Gameplan, Markets, Media, Stocks, Strategy 

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One Response to “Video: Supply Will Drive Oil Down”

  1. pdy on June 22nd, 2009 10:13 pm

    Agree – today's fundamentals don't support $70 or the recent run up.

    IMO

    -price should stagnate short term and stay below $70 esp as the dollar continues to rise (maybe 55-70 trading range?)

    -any credit or earnings scare that resembles anything from last year's collapse could bring oil close to this years lows- even a bit lower

    HOWEVER

    - Long term fundamentals (say: 2-4 years – depletion, depletion, depletion) seem to remain very bullish for liquid fuels and it seems every big hedging industry (airlines, etc) is ready to pounce on any price that may give a competitive advantage

    I can't see oil staying too low for too long…

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