Futures Markets
Barrel price down but expected to remain high
In anticipation of Wednesday’s US crude oil inventory figures as well as looking forward to production policy decisions due during a meeting of OPEC in Vienna next week, July delivery West Texas Intermediate was down 57 cents in early afternoon trade in New York, to $53.92 per barrel.
This was on top of a 54 cent decline on Monday. Meanwhile, IPE Brent July contracts were down 49 cents at late afternoon in London, to $53.18 per barrel, adding to yesterday’s 50 cent decline. The new inventory numbers are expected to show another gain in crude oil inventories. Of less consequence in today’s crude oil prices, the Energy Information Administration (EIA), the statistical office of the US department of energy, announced that it has increased its oil price forecast for the last two quarters of 2005.
In the new figures the EIA repeated its opinion that prices for West Texas Intermediate crude oil will remain above $50 per barrel for the rest of this year and next year.
The EIA had previously predicted price levels of $51.58 per barrel in the third quarter and $53 per barrel in the fourth quarter. In its new forecast, WTI prices are expected to be $52.83 per barrel in the third quarter and $55 per barrel in the fourth quarter.
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Barrel price down but expected to remain high
In anticipation of Wednesday’s US crude oil inventory figures as well as looking forward to production policy decisions due during a meeting of OPEC in Vienna next week, July delivery West Texas Intermediate was down 57 cents in early afternoon trade in New York, to $53.92 per barrel.
This was on top of a 54 cent decline on Monday. Meanwhile, IPE Brent July contracts were down 49 cents at late afternoon in London, to $53.18 per barrel, adding to yesterday’s 50 cent decline. The new inventory numbers are expected to show another gain in crude oil inventories. Of less consequence in today’s crude oil prices, the Energy Information Administration (EIA), the statistical office of the US department of energy, announced that it has increased its oil price forecast for the last two quarters of 2005.
In the new figures the EIA repeated its opinion that prices for West Texas Intermediate crude oil will remain above $50 per barrel for the rest of this year and next year.
The EIA had previously predicted price levels of $51.58 per barrel in the third quarter and $53 per barrel in the fourth quarter. In its new forecast, WTI prices are expected to be $52.83 per barrel in the third quarter and $55 per barrel in the fourth quarter.
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Related news to Barrel price down but expected to remain high
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Previous: « Nymex rises on diesel and jet fuel supply concerns
Next: Inventory decline concerns markets »
Visited 1116 times, 1 so far today