The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label socgen. Show all posts
Showing posts with label socgen. Show all posts

Sunday, January 8, 2012

French bank SocGen sees oil moving to as high as $200 with Iranian actions

French bank Societe Generale (SocGen) came out with a new assessment for oil prices now that Europe has bought into the potential of an embargo on Iranian oil, and the possibility of a closure of the Straits of Hormuz.

Previously we heard Pimco's thoughts on the matter of an Iranian escalation with "Pimco's 4 "Iran Invasion" Oil Price Scenarios: From $140 To "Doomsday"", now it is the turn of SocGen's Michael Wittner to take a more nuanced approach adapting to the times, with an analysis of what happens under two scenarios - 1) a full blown EU embargo (which contrary to what some may think is coming far sooner than generally expected), and the logical aftermath: 2) a complete closure of the Straits. The forecast is as follows: 1) "Scenario 1: EU enacts a full ban on 0.6 Mb/d of imports of Iranian crude. In this scenario, we would expect Brent crude prices to surge into the $125-150 range." 2) "Scenario 2: Iran shuts down the Straits of Hormuz, disrupting 15 Mb/d of crude flows. In this scenario, we would expect Brent prices to spike into the $150-200 range for a limited time period." - Zerohedge

For all these years, Americans have been calling for oil independence, and we had more than a decade during the Iraq/Afghanistan war years to do it.  However, because of the Gulf spill, and anti-drilling sentiments of the Obama administration, consumers here and in Europe can expect to pay for the ideological agendas of progressive nutjobs who know nothing of business and economics.