Wednesday May 07, 2008

Crude oil hits $122.73 record on supply disruptions and global demand

This article belongs to the NYMEX crude oil price records story arc.

bloomberg.com :

Crude oil was little changed near $122 a barrel in New York after rising to a record yesterday [6 May 2008] on concern supply from Nigeria may be disrupted and speculation that high oil prices won't stall Asian demand. Yesterday, oil climbed to an intraday record of $122.73 a barrel. Supply shortfalls will probably send oil to between $150 and $200 a barrel within two years, Goldman Sachs analysts said in a report. Chinese oil consumption will climb 4.7% to 7.89 million barrels a day this year, the IEA said on April 11. Global demand will rise 1.5% to 87.23 million barrels a day, the IEA said.

- Sure, global demand may climb to 87 million barrels per day [mbpd], but will global supply be there? We're not so sure about that. If and when the Saudi's ever come clean as to the true state of Ghawar, the jig is up. The contrarians and the peakoiler community are now looking beyond $200 oil and are making the call for $300 oil and beyond. We're at $120 oil and there are still many people in the developed countries who look upon it with not much more than vague annoyance. It would take something more to actually change behaviour. But I'd suppose we ought to be careful what we wish for, because a. we could actually get it, and b. we could get it much sooner than expected.

See also :

1. Crude oil hits $120.36 record on Nigeria, economic data
2. Crude oil hits $120.21 record upon attack on Shell Nigeria facility
3. OPEC chief warns of $200 a barrel oil price as NYMEX crude oil hits $119.93 record
4. Crude oil hits $119.90 record on Euro breakout above 1.60

(2008-05-07 13:08:58 SGT) [Energy] Permalink

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