 | Clarification on Carioca (reported discovery in Santos Basin) | The Oil Drum | CLK08 closed around $114 (Tres Yergins) yesterday..so, in the next 60 days, the front month price of CL will... |  |
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Price May Drop
Some analysts, including Gareth Lewis-Davies, a London- based analyst at Dresdner Kleinwort Securities Ltd., expect crude oil prices to fall this year.
``The increase in oil price in 2007 largely reflected lower stocks arising from OPEC production constraint,'' Lewis-Davies said in a report yesterday. ``Our oil price projection for 2008 remains predicated on a recovery in inventories due to increased OPEC supply, a pick-up in non-OPEC supply and demand weakness due to economic slowdown.''
Brent oil will average $78.70 a barrel through this year and will drop to $70 a barrel by the end of the year, Dresdner Kleinwort forecast.
Higher oil supports natural gas prices, Deutsche Bank said. European gas prices will increase to $340.70 per 1,000 cubic meters in 2008, compared with the previous forecast of $327.10, the bank said in its reports.
The bank has increased it forecast for gas to $332.3 per 1,000 cubic meters in 2009, up from the earlier estimate of $308.20. It has also increased its forecast for 2010 to $305.50 per 1,000 cubic meters in 2010.
I wonder what their projection is for the 1st of July? Could they be correct?
Is Gareth your cousin? Why do you care what this guy has to say?
When the comment was posted there was a date of Jan 11 2008. Some how it disappeared.
It was supposed to show the hopelessness of projections.
Sorry, I must have removed it. I deleted a lot of clutter from the post, such as the author's e-mail address. I didn't understand what you were trying to say.