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Middle East Situation Could Escalate $100/bbl Oil: Mercuria

OIL

Mercuria’s deputy CEO Magid Shenouda said oil could hit $100/bbl if the Middle East situation escalates.

  • "I don't think there are that many analysts that believed that it was going to go to $100, in a normal circumstance. I think the events that have happened recently, I think that puts a great cloud [over] where things could go, because the market is not pricing much of a conflict," Shenouda said.
  • "Volatility went up but the price action was actually quite muted - $3 a barrel is not that significant - so the market is fading any real action. But there is a high probability that this could escalate, and if it does escalate, then I think we can see $100." Shenouda added.
  • "Fundamental reasons why we might hit $100, that's questionable - I think we would need to see a geopolitical event to perhaps hit that. But the demand outlook is certainly healthy enough to keep us around the $90 price set." Shenouda said.
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