Conclusion: $100 or $150?
•The crude outlook remains
relatively tight with little supply or demand relief in the very
short term.
–Non OPEC supply lagging
demand increases – but supplies on the horizon next year
–OPEC unwillingness to
increase production
–Inventories indicating
tight balances currently
–But demand is
shifting
•While evidence indicates
room still exists for more increases, factors are evolving to move
prices back some. (Demand
slowing in developed countries, price subsidies being lifted)
•Watch distillate
demand...
