As geopolitical events in the Middle East continue to boost crude prices, PEP Research Director Kevin MacCurdy shares his insights with the Midland Reporter-Telegram:
Kevin MacCurdy, director for Pickering Energy Partners’ research team, told the Reporter-Telegram fundamental supply and demand factors are supporting oil prices, citing low US oil inventories and a very low Strategic Petroleum Reserve.
“We think prices could be between $80 and $100 for the next year and that’s backed by the fact there’s not as much supply growth in recent years as we saw in the last 10 years,” he said in a telephone interview. “Those are fundamentally bullish for oil.”
Add in supply concerns and geopolitical risks, and MacCurdy said oil and gas producers can expect volatile pricing for a while.
