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Energy Level: Return to 2013 oil prices?
| 题名： | Energy Level: Return to 2013 oil prices? |
| 正文语种： | eng |
| 作者： | Jim Redden |
| 摘要： | A headline in the June 8 edition of The Wall Street Journal could have been pulled from mid-2013: "Traders Bet on Return of $100 Oil." The article went on to say how traders have gobbled up call options tied to oil reaching $100/bbl by the end of next year, suggesting they are betting the current demand-supply imbalance is here to stay for a while. That narrative could easily be read as deja vu all over again. For the first time since early 2008, oil prices hit triple digits in 2013, topping out at nearly $109/bbl. in September and hovered around $100/bbl. over much of the first half of 2014, until the flood of production overwhelmed the thirst for crude. Prices steadily eroded, eventually sinking to $29.13/bbl. in January 2016, a low that was eclipsed, of course, when Covid did its thing with demand. There are, however, some stark differences between the environments of then and now, which suggest an encore may not be in the cards. For one thing, eight years ago, investors were eagerly handing over cash, which operators were just as eager to spend to keep their pipelines and storage tanks full. Those same investors now demand fiscal discipline, insisting on increased returns over higher production. |
| 出版年： | 2021 |
| 期刊名称： | Work Boat |
| 卷： | 78 |
| 期： | 8 |
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