Head of a large US shale firm forecasts oil as high as US$100 this year

<p>Scott Sheffield is the chief executive officer of large shale firm Pioneer Natural Resources. He is forecasting crude between $80 – $100 for the balance of this year. </p><p>Citing:</p><ul><li>Demand rising faster than supply</li><li>Supply factors:<ul><li>Global oil inventories will fall through year-end</li><li>Saudi Arabia could extend its 1 million barrel-a-day cut</li></ul></li><li>Demand:<ul><li>A soft landing for the U.S. economy could help fuel overall demand</li></ul></li><li>Recent weak oil prices have hit drilling, completion of new oil wells as US shale producers curb spending</li></ul><p>Had earlier forecast $90 – $100.</p><p>—</p><p>The $80 base is looking a wee but shaky already:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.