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October 20, 2005

Oil bull


Oil guru says crude could hit $190 this winter
‘Prices are really cheap today and they need to go a lot higher,’ analyst says

And contrast:

Crude futures fell Thursday, weighed down by the U.S. government's report of increases in domestic gasoline stocks last week and diminished fears about the prospect of storm damage to U.S. oil infrastructure. Forecasters said the fierce Hurricane Wilma will likely bypass the key production areas of the Gulf of Mexico. Light, sweet crude for November delivery slipped 44 cents to $61.97 a barrel on the New York Mercantile Exchange in electronic trading.

That’s about 13% off oil’s Katrina peak. And sure, Wilma may push up prices again, but everything else points towards much lower prices over the next few months. No matter what “oil guru” Henry Blodget Matthew Simmons says.

Posted by Stephen at 1:23 AM in Energy + environment | Permalink | TrackBack (0)

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