Yahoo Finance

The current price of a barrel of the crude oil benchmark grade West Texas Intermediate has fallen below $70, down from a high near $90 in April and lower by 3% from the start of 2024. Oil prices are down sharply from the $$115-120 level, touched back in 1H22 when Russia invaded Ukraine. For 2024, we are now anticipating an average price of $78, compared to $80 in 2023 and $95 in 2022. We look for a barrel of West Texas Intermediate crude oil in 2025 to average $75, up from current levels but lower year over year, with a trading range of $90-$65 for the year. The core drivers behind oil prices over the long term come from Econ 101: global supply and demand. According to the U.S. Energy Information Administration, there has been modest excess demand for oil in 2024: global consumption is estimated at 103.1 million barrels per day, while global production is estimated at 102.6 million barrels. But forecasts for 2025 call for supply to exceed demand, which is likely to provide a ceiling to oil prices. Of course, there are always wildcards, such as geopolitical developments, ranging from wars (i.e., Russia's invasion of Ukraine) to sanctions (Iran, Venezuela) to turmoil in the Middle East, to the outcome of the U.S. presidential and congressional elections. The growth path of the Chinese economy also plays an outsize role in the direction of oil prices, and growth in India may have a greater impact some day. These issues can cause oil prices to fluctuate dramatically. That said, absent the wildcards, the global demand-supply outlook suggests the days of triple-digit oil prices are in the rear-view mirror as the world economy pivots toward cleaner energy solutions.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

PROPETRO HOLDING CORP has an Investment Rating of SELL; a target price of $6.000000; an Industry Subrating of Low; a Management Subrating of Low; a Safety Subrating of Low; a Financial Strength Subrating of Medium; a Growth Subrating of Low; and a Value Subrating of Low.