Crude oil prices could 'super-spike' above $150/bbl, Bernstein warns
Seeking Alpha
Published Jul 06, 2018 12:05PM ET
Crude oil prices could 'super-spike' above $150/bbl, Bernstein warns
- Crude oil prices could spike to all-time highs above $150/bbl because big oil companies are investing too little money in new production, Bernstein Research forecasts.
- Re-investment in oil reserves is the lowest in a generation while the amount of time those reserves will last has fallen by 30% since 2000, according to Bernstein.
- "At some point the proverbial 'chickens will come home to roost'. The impact will be production declines and another super-cycle in oil prices," Bernstein says.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, OILD, OILU, USAI
- Now read: Weekly Oil Storage Report - Elevated Imports Push Crude Storage Higher
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