Amid the dreary global economy, a number of market strategists and analysts believe oil will be the number one investment in 2023. While a barrel of oil is coasting along at prices between $80.12 and $85 per unit, Goldman Sachs analysts think oil will reach $110 per barrel for Brent oil, and strategists from Morgan Stanley also believe oil will reach $110 a barrel by mid-2023. The founder of Praetorian Capital recently warned a barrel of oil could jump a lot higher next year.
Reports show that Wall Street is bullish about oil in comparison to equities, cryptocurrencies, and precious metals. Oil jumped a great deal in value this year amid the rising inflation and the start of the Ukraine-Russia war. On March 8, 2022, the same day gold reached its all-time price high, a barrel of Brent traded for $126 a barrel. Following the 2022 high, oil slipped to $96 per barrel eight days later on March 16. It then crept back up again throughout April and May, and by June 8, a barrel of Brent was around $122 per unit.
Since that day, a barrel of crude Brent oil dropped 31% against the U.S. dollar, dropping to the $85 barrel range on Dec. 27, 2022. Despite the drop, numerous investors and Wall Street types believe oil will be the best investment next year. The hedge fund manager and founder of Praetorian Capital, Harris Kupperman, is one market strategist that thinks oil will “crush” all other investments in 2023. Kupperman’s portfolio opinion, shared on Quoth the Raven’s substack, not only says oil will surpass all other investments, but Kupperman expects a barrel to jump above $200.
“My strongest held view is that 2023 is the year of oil crushing all other CUSIPs,” the Praetorian Capital founder wrote. “Once again, I think it’s important to repeat that if you haven’t stress-tested your portfolio for oil prices north of $200, you’re going to suffer dearly when that should come to pass.”
Kupperman is not the only investor expecting bullish oil prices next year. The investment publication The Motley Fool highlights that Jeff Currie, the Goldman Sachs global head of commodities, believes Brent will reach $110 next year. In a note to clients, Morgan Stanley shared the same view about oil prices rising in 2023. “We remain constructive on oil prices driven by recovering demand (China reopening, aviation recovering) amid constrained supply due to low levels of investment, risks to Russia supply, the end of SPR releases, and [the] slowdown of U.S. shale,” Morgan Stanley’s commodity analysts noted.
Jay Hatfield, the CEO at Infrastructure Capital Advisors, detailed on Dec. 23 that his firm expects $80-$100 a barrel “while the Ukrainian war continues.” Hatfield also said that he expects China’s oil demand to “recover as it emerges from zero-Covid lockdown policy.” A report published by Enverus Intelligence Research (EIR) warns $100 a barrel oil prices will return in 2023. EIR’s report cites the increase will come to fruition due to the sanctions of Russian oil and the Organization of the Petroleum Exporting Countries’ (OPEC) supply management.
What do you think about the oil price predictions for 2023? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Amid the dreary global economy, a number of market strategists and analysts believe oil will be the number one investment in 2023. While a barrel of oil is coasting along at prices between $80.12 and $85 per unit, Goldman Sachs analysts think oil will reach $110 per barrel for Brent oil, and strategists from Morgan Stanley also believe oil will reach $110 a barrel by mid-2023. The founder of Praetorian Capital recently warned a barrel of oil could jump a lot higher next year.
Reports show that Wall Street is bullish about oil in comparison to equities, cryptocurrencies, and precious metals. Oil jumped a great deal in value this year amid the rising inflation and the start of the Ukraine-Russia war. On March 8, 2022, the same day gold reached its all-time price high, a barrel of Brent traded for $126 a barrel. Following the 2022 high, oil slipped to $96 per barrel eight days later on March 16. It then crept back up again throughout April and May, and by June 8, a barrel of Brent was around $122 per unit.
Since that day, a barrel of crude Brent oil dropped 31% against the U.S. dollar, dropping to the $85 barrel range on Dec. 27, 2022. Despite the drop, numerous investors and Wall Street types believe oil will be the best investment next year. The hedge fund manager and founder of Praetorian Capital, Harris Kupperman, is one market strategist that thinks oil will “crush” all other investments in 2023. Kupperman’s portfolio opinion, shared on Quoth the Raven’s substack, not only says oil will surpass all other investments, but Kupperman expects a barrel to jump above $200.
“My strongest held view is that 2023 is the year of oil crushing all other CUSIPs,” the Praetorian Capital founder wrote. “Once again, I think it’s important to repeat that if you haven’t stress-tested your portfolio for oil prices north of $200, you’re going to suffer dearly when that should come to pass.”
Kupperman is not the only investor expecting bullish oil prices next year. The investment publication The Motley Fool highlights that Jeff Currie, the Goldman Sachs global head of commodities, believes Brent will reach $110 next year. In a note to clients, Morgan Stanley shared the same view about oil prices rising in 2023. “We remain constructive on oil prices driven by recovering demand (China reopening, aviation recovering) amid constrained supply due to low levels of investment, risks to Russia supply, the end of SPR releases, and [the] slowdown of U.S. shale,” Morgan Stanley’s commodity analysts noted.
Jay Hatfield, the CEO at Infrastructure Capital Advisors, detailed on Dec. 23 that his firm expects $80-$100 a barrel “while the Ukrainian war continues.” Hatfield also said that he expects China’s oil demand to “recover as it emerges from zero-Covid lockdown policy.” A report published by Enverus Intelligence Research (EIR) warns $100 a barrel oil prices will return in 2023. EIR’s report cites the increase will come to fruition due to the sanctions of Russian oil and the Organization of the Petroleum Exporting Countries’ (OPEC) supply management.
What do you think about the oil price predictions for 2023? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in an announcement. The incident resulted in the theft of digital assets belonging to the pool and its clients worth a combined total of $3 million.
A subsidiary of the coin minting company Bit Mining has been targeted in a hacking attack, the company said in a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.
According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.
The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. The Chinese authorities launched an investigation into the incident and are collecting evidence with the support of relevant agencies, Bit Mining detailed and further emphasized:
The company will devote considerable efforts to recover the stolen digital assets.
The mining firm said that some of Btc.com’s crypto assets have already been secured. It also pointed out that after discovering the breach, it implemented technology designed to better block and intercept hackers, assuring:
Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.
Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.
Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.
What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News