Energy Prices to Experience ‘Swift and Violent Rebound’
Articles — By forcechange on January 19, 2009 9:31 am
Bloomberg reports that:
“Goldman Sachs Group Inc. commodity analyst Jeffrey Currie said he expects a ‘swift and violent rebound’ in energy prices in the second half of the year.
“Oil prices may have reached their lowest point already, after falling to $32.40 in mid-December, and are expected to rise to $65 by the end of this year, the analyst said. There is scope for a “new bull market” in oil, Currie said.”
Anticipation of this future spike in prices is what has led many traders to take delivery of oil today, to be stored for future sale once higher prices return.
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