The Evolution of Commodities Trading (w/ Greg Agran)

INTERVIEWER: I feel like if anything, the risk is that crude oil does a relocation up to $75 in a market that's a sort of pretty strong economy. But OPEC's got a good handle on production cuts, and they need it higher. That's my perspective. What's yours? SUBJECT: So the demand I think has probably surprised the market. It's been better than what people expected. And I think that's a big reason the market's gone where it's gone. The OPEC's always going to throttle production. I feel like the US growth and production, which it went crazy from like 8 million to 10 million. Then we peaked at 10 million and came all the way back to just over 9. And now it's like rocketed back from 9 up to like 11 and change. But I feel like we, so to speak, got the easy barrels. I think the next million barrels will be a lot harder than the last million barrels. I think that-- INTERVIEWER: Good point. SUBJECT: --there's a good-- I think at $70 TI, we'll get another million barrels. But it'll take longer. And it won't be $48 dollar barrel. It might be a $55 barrel. And we'll continue to have to invest in new pipe, which is a big, big constraint in US right now. It's not just can we find Bakken crude or can we find Permian crude. It's can we find Permian crude and get it to the Gulf or get it to Chicago? If we can't get it anywhere to market it, then it's not worth it. INTERVIEWER: Then what's the point? SUBJECT: So I feel like crude probably the next 5 to 10 is up. But I'm not $100 crude guy. I'm a $50, $75. And we're probably closer to the highs. Things still feel pretty good. So I think the next five probably up. But the next 20, I think it's probably down.

Channel: Real Vision Finance

Views: 12,850

Rating: 4.5789475 out of 5

Keywords: Real Vision, Real Vision Finance, Real Vision Television, Finance, Trading, Economy, Investing, Trade Ideas, Stock Market, Investments, Economics, Stocks, Economic Development, Economic Growth, Market Predictions, Macroeconomics, Microeconomics, Tony Greer, Greg Agran, Goldman Sachs, commodities, commodities trading, Sumitomo Scandal, Aluminum Warehouse Conspiracy, TG Macro

Id: nWBu7DIyDbU

Length: 71min 57sec (4317 seconds)

Published: Fri May 31 2019