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Why Cory Fleck Doesn't See Oil Prices Dropping Below $20
Feb. 03, 2016 04:25PM PSTEnergy Investing
Cory Fleck, host of the Korelin Economics Report, believes that we’re seeing a bottom in oil, but he doesn’t think that we’re necessarily going to see a “screaming higher oil price.”
Cory Fleck, host of the Korelin Economics Report, believes that we’re seeing a bottom in oil. However, he doesn’t think that we’re necessarily going to see a “screaming higher oil price.”
“If you look at the fundamentals, quite frankly, we’re in an oversupply environment right now,” he told the Investing News Network at the recent Vancouver Resource Investment Conference. “We are seeing demand increase, but supply — especially with Iran coming back on and OPEC countries not willing to cut really any supply yet — we are still going to see some pressure on oil.”
That said, he’s not looking for oil to drop below the $20 level. While he thinks there could be a bit more downside to come, Fleck believes that companies will eventually be forced to cut production, and that those on the demand side will continue to take advantage of lower oil prices.
Fleck also spoke about:
- More catalysts to watch for that could bump up oil prices
- Which types of junior oil and gas companies he sees weathering the storm the best
- Whether some of the larger oil and gas producers out there could be at risk under current market conditions
Watch the video for more.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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