Despite downturn Auspice Capital founder says rebound describes oil in 2016

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email (File Photo) by Posted Dec 27, 2016 8:15 am MDT Despite downturn, Auspice Capital founder says ‘rebound’ describes oil in 2016 The founder of Auspice Capital says when it comes to describing the state oil prices in the past year, ‘rebound’ best sums it up.Tim Pickering said while the price of crude hit a low of $26.00 U.S. a barrel for West Texas Intermediate back on January 20th, today that price is closer to $52.“Demand is strong for energy, we are making positive headway in terms of pipelines, they don’t happen immediately, but the effort has started,” he said. “The supply-demand balance has come back into line to some degree.”The price increase also means Canadian producers are also receiving more for their product, rising from $16 U.S. a barrel to $38.“It really is one of the most incredible commodities, because remember it’s the cleanest burning fossil fuel, so the need for natural gas is not going to go away for many lifetimes and the good part of that is, there’s lots of it.”Pickering is also very bullish about where oil prices are headed, suggesting they could hit $100.00 in the next five years.However, he doubts rising prices will lead to a hiring boom anytime soon, adopting a cautious approach to future investment and growth. read more