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Energy

Wall St. Begins To Buy-In To $120 Oil

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By Douglas A. McIntyre Published
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The idea that oil might hit $120 was the stuff of fairy tale and lying around the poker table. At least up until now. A new Reuters poll of analysts shows that many of them have gone to the Dark Side to join oil price pessimists.

Esteemed thinkers from German bank Landesbank Baden-Wuerttemberg put their average number for the year at $107. Societe Generale moved its estimate to $101.20 from its previous number of $80.92.

The French bank went so far as to say that, under its current estimates, oil could spike to $115 to $120.

All of the numbers are based on the same assumptions to one degree or another. China and India will continue to suck supply. Even a US slowdown will not significantly drop the need for oil here. OPEC will not raise production. Despots and pipeline explosions will become a bigger part of the global crude scene.

If Wall Street firms keep raising its targets, its analysts may have to work from home. They won’t be able to afford the gas to get to work.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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