Oil’s run-up outpaces most price targets… more upside?

Ellis Mnyandu — Thu, 11 Jun 2009 19:58:13 +0000

    The recent run-up in oil prices could have further to go as most analysts are likely to begin raising their year-end oil price targets, according to market research firm Birinyi Associates in Stamford, Connecticut.
    "Given several considerably lower expectations, we think it is reasonable to expect upgrades," they said in a research commentary, noting that crude oil prices were already above most firms' year-end targets.
    U.S. front-month crude hit an intraday high of $73.23 on Thursday, the highest intraday level since prices hit $75.69 on Oct. 21.
    A year-end oil price target of note recently came from Goldman Sachs, which raised its end-of-2009 oil price forecast on June 4 to $85 a barrel from $65.
    Oil's climb partly reflects weakness of the U.S. dollar and expectations that demand may be picking up as the global recession abates.

--- Graphic courtesy of Birinyi Associates, Inc.

Pickens sees oil at $150… here’s a look at his track record

Ellis Mnyandu — Tue, 20 May 2008 17:10:35 +0000

T. Boone Pickens told broadcaster CNBC he expected crude oil prices to keeping going up. "I think we'll get to $150 this year," he said. Analysts at Birinyi Associates, Inc. today put his projections over the past two years against the movement in the price of oil. They concluded the oil investor's views shouldn't be ignored.

1 Was surprised oil went down this much (19 month low) still thinks oil will average $70 in 2007
2 Could exceed $70 in 2007
3 Oil will reach $75 before $55
4 Oil will likely reach $78 this year
5 Says $4.50 gasoline will be possible this summer
6 Oil will average $70 for rest of 2007
7 "No way you can be short oil"
8 Oil may surpass $100 on a geopolitical event and will rise to $80 within 6 months
9 $80 oil could push US into recession
1 0 Oil to retreat before hitting $100
1 1 Oil to hit $100 within a year
1 2 Oil to hit $100 within 6 months
1 3 $100 oil will be routine
1 4 Oil to decline by $10 to $15 in 2nd quarter, which would be to $83
1 5 Oil to stay above $100 in 2nd quarter
1 6 Reversed bet on oil and thinks it will now rise. Covered his short and is now long
1 7 Thinks oil wil rise to $150 by end of 2008
1 8 Thinks oil will go to $150 in 2008

-- Graphic courtesy of Birinyi Associates, Inc.

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Oil’s run-up outpaces most price targets… more upside?

Pickens sees oil at $150… here’s a look at his track record