Crude Oil Won't Top $100 Until 2012: Analyst
Crude oil will surpass $100 a barrel, but not till 2012, Pavel Molchanov, associate analyst for E&P at Raymond James, told CNBC Wednesday.
“Were the dollar to get a bounce in early 2011, I think oil would see a pullback. Long-term, no question, the trend is up and onward," said Molchanov.
Next year, crude oil will have spikes at more than $100 a barrel, but generally it will hover in the $80 to $90 range, predicted Robert Yawger, senior vice president of energy futures for MF Global.
Molchanov recommended Chevron, Occidental Petroleum , Murphy Oil and Clean Energy Fuels .
“If you believe in pricey oil, cheap natural gas,” said Molchanov, “these guys are a winner.”
CNBC Data Pages:
Molchanov owns shares of the common stock of Chevron. Raymond James & Associates received non-investment banking securities-related compensation from Murphy Oil within the past 12 months. Raymond James & Associates received non-investment banking securities-related compensation from Occidental Petroleum within the past 12 months. Raymond James & Associates makes a Nasdaq market in shares of Clean Energy Fuels.