Understanding Oil Market Cycles
David Meats, CFA
Director of Equity Research (Energy)
Morningstar
Our guest will be David Meats, CFA, Director of Equity Research (Energy) at Morningstar. His topic is "Understanding Oil Market Cycles."
Midcycle oil prices are set by marginal costs, and we have good data on what those are. That tells us prices cannot sustainably dip below or rise above $55 WTI. But they sure can in the short run – we’ve seen everything from minus $40 to $120 in the last couple of years. The key is that the further prices get from midcycle levels, the stronger the restoring force is. We’ll focus on why that’s still true, and why this time is not different.
Lunch begins promptly at 12:00 PM.
Dave Meats, CFA, is the Director of Research (Energy), for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He manages a team of equity analysts covering a wide range of energy companies, and is also responsible for setting Morningstar’s midcycle price forecasts for oil and natural gas.
Before joining Morningstar in 2014, Meats was an associate analyst for Raymond James. Previously, he worked as a geophysicist for Burren Energy, a London-based exploration and production firm, and Italian multinational oil and gas firm Eni SpA, which acquired Burren in 2008.
Meats holds an undergraduate degree in physics from the University of Nottingham, a master’s degree in petroleum geoscience from Royal Holloway, University of London, and a master’s degree in business administration from the University of Chicago Booth School of Business. He also holds the Chartered Financial AnalystŪ designation.
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