- BP CEO Bob Dudley, who said at the peak of the oil crash that traders would start filling swimming pools with crude, now says the oil market is rapidly tightening, Financial Times reports.
- “The swimming pools are draining,” Dudley says at the Oil & Money conference in London. “Stock levels are just heading down, for both crude and products. So it does seem we’re heading towards the targets that were set by OPEC."
- Dudley says geopolitical risks are rising and are back in focus: "We’re starting to see that again effective in the price... But if you look just at the balance of supply and demand, I think [the oil price] is about in the right place" at current Brent prices near $60/bbl.
- Traders are skeptical, however, that crude can maintain a $60-plus price without triggering a wave of new production from U.S. shale.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Trump Decertifies Iran: Is It The Catalyst Required To Sustain Higher Oil?
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FT: BP’s Dudley says “swimming pools are draining” as oil market tightens
Published 10/18/2017, 08:33 AM
FT: BP’s Dudley says “swimming pools are draining” as oil market tightens
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