|SThis talk will explore what happened in
2004 to try to answer the question posed in the title; however, as these
quotes illustrate, history can provide clues, but not necessarily a clear
|SThe historical clues that we are seeking are
the main drivers at work behind the price dynamics in 2004. All too frequently, we have a laundry
list of possible factors affecting the market without a good understanding of
what were the most important market drivers.
|SOnce we have the most important price
drivers, we can begin to determine the potential for future change in prices,
differentials and margins.