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Page added on October 9, 2015
T. Boone Pickens says $70 oil by year-end
Prominent oil wildcatter T. Boone Pickens isn’t giving up his ambitious bull call for crude-oil prices. In a Thursday op-ed for CNBC, Pickens admitted that with two and half months left until the end of the year, and crude prices hovering in the vicinty of $50, his call “isn’t looking good.”
West Texas Intermediate crude oil for November delivery CLX5, +2.51% was up 63 cents, or 1.3%, at $48.44 a barrel early in Thursday trade, while Brent crude—the international benchmark for oil—was 72 cents, or 1.4%, higher at 52.50 a barrel. Those levels are much improved from crude oil’s nadir but still well off Pickens’s lofty prediction.
The 87-year-old oil tycoon and sometimes renewable energy investor, who founded energy hedge fund BP Capital Management, earlier in the year not only forecast $70 oil but also predicted a price of $80 to $90 a barrel by the middle of 2016. “If I miss on $70, it’ll be because it’s over $70, not under $70,” Pickens told CNBC back in July, reaffirming an earlier prognostication. “That is how confident I am.”
On Thursday, Pickens was singing a slightly different tune, if not showing a willingness to abandon his call altogether: “I think, I’m still alive, but I’m running out of time,” he told CNBC in a TV interview.
Pickens said his springtime prediction was based on the assumption that “supply from the Organization of the Petroleum Exporting Countries—and specifically Saudi Arabia—would also go down,” along with U.S. shale producers. Instead, the reverse happened with OPEC ramping up production, Pickens said.
The likelihood of the oil man making good on his crude forecast seems slim, especially as analysts are characterizing the recent rally in crude-oil prices as a “dead-cat bounce.” That means market experts think any run-up in oil will be short-lived.
That’s bad news for T. Boone.
6 Comments on "T. Boone Pickens says $70 oil by year-end"
shortonoil on Fri, 9th Oct 2015 7:10 am
Is this the same T. Boone that was calling for $100+ oil about a year ago?
http://www.thehillsgroup.org/depletion2_022.htm
Maybe this time he’ll give up throwing darts at his oil price board?
http://www.thehillsgroup.org/
paulo1 on Fri, 9th Oct 2015 7:34 am
The wildcard is ME upheaval, if we are talking about throwing darts, (pun intended). KSA looks to be ready for a big mess as this unfolds, and I can think of a few countries who would get out and shove them into the abyss. You ever tip over an ant farm or mix ant species when you were a kid? Red ants Shia, black ants Sunnis, and the kids doing the tipping are the meddling western interests.
makati1 on Fri, 9th Oct 2015 9:45 am
paulo1, those ‘ants’ could stir up WW3 easily if the ME goes up in flames. Imagine the scramble for oil to replace ME exports and what that would do to the economies of all of those needy countries like the US. I see the collapse of the world economy and financial system almost overnight. And what empire would not accept that without a fight/war, the last resort?
Interesting times ahead! Buckle up! ^_^
rockman on Fri, 9th Oct 2015 11:57 am
And thus Boone is in a position to make hundreds of $BILLIONS in the futures market. That is if he really believes his own BS.
Money talks…bullsh*t walks.
penury on Fri, 9th Oct 2015 12:13 pm
It never ceases to amaze me that people listen and want to believe him because he is wealthy. Being wealthy does not imply wisdom.
makati1 on Fri, 9th Oct 2015 8:45 pm
penury, nor does age. It only implies more experiences. It can also solidify hate as in Soros and Brzezinski.
I have talked with young people who had more wisdom than their elders. My oldest grandson, for one. Past a certain time, senility replaces reason and Alzheimer’s replaces memory. We live too long in this electronic age.
Most Westerners do not take the time to assimilate what we have seen, heard, experienced, because we are forced to move on to the next experience or get lost in the world’s complexity. Pop a few pills and smoke a few joints and move on, is common there.
I live where they still take time to think and enjoy life. The Ps has 20 paid holidays this year for those who work for others and government, PLUS paid vacations required by law.
The US has 11 paid holidays, if you are in banking or government. Five, if you work for someone else and are not required to work those days.