 | The IEA WEO 2008 - Objectivity of the International Energy Agency | The Oil Drum | The 2008 IEA WEO - Oil Reserves and Resources |  |
222 comments on DrumBeat: November 20, 2008
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222 comments on DrumBeat: November 20, 2008
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Monthly average for 2008 $109.64
If oil was for free for rest of the year (including november) the monthly average would be about $91
Original link again http://tonto.eia.doe.gov/dnav/pet/hist/rwtcA.htm
Price is falling but still going up.
In the Oil Patch, the monthly and annual price data are what matter. It's very much analogous to your income. Do you pay attention to what you earn on a daily basis, or a monthly and annual basis?
Of course, if one is an oil trader, daily price swings are very important.
In any event, as noted above, it's pretty clear that the actual, and to some extent perceived, decline in demand is currently outpacing the long term decline in net oil exports, probably aggravated by forced selling of oil positions. I expect this situation to change, probably as soon as next year, but time will tell.