Oil futures are down, and Pete Meyer of PIRA Energy Group says we need to respect that volatility, but oil won’t go below $40 per barrel.
“The market is very hard,” Meyer told AgDay host Clinton Griffiths. “Anything above $55 is a tough place to get any sort of rally.”
There are rumors of increasing exports, Meyer is hopeful if prices increase to $50 or higher.
“If the production stays up or the price can stay up, we think the exports will continue at this pace, if not increase,” he said.
Watch Meyer’s full comments on oil and the energy markets on AgDay above.