Oil prices have recently dipped below $80/barrel. With Goldman Sachs recently issuing a bearish stance on Oil, we’re seeing the market respond. Whether or not it is directly related to the GS insight and is a short-term panic attack or if oil is indeed set to slide and stay there is yet to be seen.
Goldman sees that Oil will fall even further in 2015 – all the way down to below $75. This prediction is definitely having an impact on oil stocks for 2015. Companies affected by the bearish outlook are:
- Haliburton (HAL)
- Patterson-UTI (PTEN.O)
- Schlumberger LTD (SLB)
- Baker Hughes INC (BHI)
- Weatherford Int’l (WFT)
Goldman downgraded Patterson-UTI and the stock just got slammed! Goldman does believe the oil services companies can still generate revenue, however, short-term look for prices to continue down.