Crude Oil - Who to Believe?

By: Ron Griess | Thu, Apr 7, 2005
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This commentary was originally posted at TheChartStore on 4th April 2005:

In our July 21, 2004 Observations, we posted a series of inflation-adjusted crude oil charts and asked the rhetorical question: "Could the break out be for REAL?" Fast forward to March 31, 2005. The financial press was full of headlines and stories reporting that Goldman Sachs was suggesting that crude oil could SPIKE to $105 a barrel. Remember that date, March 31, 2005. Today, April 4, 2005, the financial press is reporting that a senior analyst at IFR Energy Services in New York believes oil prices could plummet to $28 a barrel as early as this summer. Who to believe??

Here is an updated chart of crude oil adjusted for inflation by the Consumer Price Index.

Chart 1 Notes:

On the following chart we have added two circles of the widely quoted price targets.

Charts 2 Notes

Summary points:


 

Ron Griess

Author: Ron Griess

Ron Griess, Proprietor
The Chart Store

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