{"id":71282,"date":"2023-10-11T04:39:49","date_gmt":"2023-10-11T08:39:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/mercuria-sees-oil-likely-hitting-100-on-middle-east-turmoil\/"},"modified":"2023-10-11T04:39:50","modified_gmt":"2023-10-11T08:39:50","slug":"mercuria-sees-oil-likely-hitting-100-on-middle-east-turmoil","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71282","title":{"rendered":"Mercuria sees oil likely hitting $100 on Middle East turmoil"},"content":{"rendered":"
\n

By Yousef Saba<\/p>\n

FUJAIRAH (Reuters) – The deputy CEO of commodity trader Mercuria, Magid Shenouda, said on Wednesday that oil could go to $100 a barrel if the situation in the Middle East escalates.<\/p>\n

“I don’t think there are that many analysts that believed that it was going to go to $100, in a normal circumstance. I think the events that have happened recently, I think that puts a great cloud (over) where things could go, because the market is not pricing much of a conflict,” Shenouda, also Mercuria’s global head of trading, said at an industry conference in Fujairah, the United Arab Emirates.<\/p>\n

“Volatility went up but the price action was actually quite muted – $3 a barrel is not that significant – so the market is fading any real action. But there is a high probability that this could escalate, and if it does escalate, then I think we can see $100.”<\/p>\n

Kieran Gallagher, Vitol Bahrain’s managing director, echoed the sentiment.<\/p>\n

“The Q4 outlook on demand is quite healthy. So there’s an argument to say we’ll still be at a healthy price set. What we need to remember is the run from $85 to $95 happened quite quickly,” he said. <\/p>\n

“Fundamental reasons why we might hit $100, that’s questionable – I think we would need to see a geopolitical event to perhaps hit that. But the demand outlook is certainly healthy enough to keep us around the $90 price set.”<\/p>\n

Shenouda also said it was difficult for the oil industry to access capital.<\/p>\n

“I don’t think inflation is under control. There are people out there trying to raise capital at 20-plus percent. This is not sustainable. And those are oil producers,” he said, adding that the $260 million IPO of Seacrest Petroleo this year “nearly failed.”<\/p>\n

“There is not capital that’s available for this industry.” <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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