Oil prices could rise to $100 a barrel: BOA
Fri, 11 May 2018
Francisco Blanch of Bank of America discusses contributing factors to the rise in oil prices including strong demand, geopolitical tensions and supply shortage.
In January of 2018 I stated the high of the year would be $72.00,now that we are here I am not sure if that was the high or if we have more to go but we will not go over $80 this year, with a good chance of $72 still being the high.
For 2019 I think that the high will be $200 with the cause being a war with Iran.
For 2020 I think the high of the year will be $150 as the war winds down and the Presidential elections coming in this year.
After 2020 we start climbing back up going to $350 into 2026.
The Bull is Alive and doing just fine.
Additionally in 2020, while I said the high would be $150, I also think that the low of the year will be $100, so we power the economy forward with the elections.
Well I questioned if we would get through $72.00. High of $71.90. I should have sold up there. Boy are we dropping fast.
I would be surprised if we didn't get to $100. The OPEC countries are surely feeling a little bit better with some cash in their banks, but $100 is the target. There is no reason to think differently.
Yes, I reviewed my work and see that we hit the Daily R2 number for today to the penny. That is not the type of number that stops bull markets. That only stops them for one day and sure enough we are advancing. This churning with back and fill is very healthy.