Deutsche Bank Sees Crude Oil Falling to $65 in Q3 Amid Sovereign Debt, Bank Credit Issues
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Price: $33.65 -1.35%
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Trade USO Now!
Deutsche Bank has just put out its periodical "The Week in Energy" report. Around the Energy sector, crude oil is trading down 3.3% to $75.70, while nat-gas is down 3.3% to $4.58.
The firm said it expects oil prices to softening during Q3 as "sovereign debt and bank credit issues create growth worries..." Still, moving forward, Deutsche Bank sees a gradual tightening in oil market fundamentals as crude prices over the $80 per barrel level will become more frequent.
Deutsche Bank currently has a $65 per barrel price estimate for crude oil during Q3, suggesting a decline of 14% from current levels. Looking ahead to the end of this year, the firm sees prices around $73; for 2011, Deutsche sees prices around $90 and for 2012 the firm sees prices around $85 per barrel.
The firm sees nat-gas prices around $5.25 for Q3, around $5.15 during this year, around $6 next year, and at $6.25 in 2012.
The US Oil ETF (NYSE: USO) is down 3% today, while the US Natural Gas Fund (NYSE: UNG) is down 3.4%.
The firm said it expects oil prices to softening during Q3 as "sovereign debt and bank credit issues create growth worries..." Still, moving forward, Deutsche Bank sees a gradual tightening in oil market fundamentals as crude prices over the $80 per barrel level will become more frequent.
Deutsche Bank currently has a $65 per barrel price estimate for crude oil during Q3, suggesting a decline of 14% from current levels. Looking ahead to the end of this year, the firm sees prices around $73; for 2011, Deutsche sees prices around $90 and for 2012 the firm sees prices around $85 per barrel.
The firm sees nat-gas prices around $5.25 for Q3, around $5.15 during this year, around $6 next year, and at $6.25 in 2012.
The US Oil ETF (NYSE: USO) is down 3% today, while the US Natural Gas Fund (NYSE: UNG) is down 3.4%.
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