Oil, gas markets deemed poised for rebound in 2003

03/18/2002
Increased demand for oil and natural gas should push up commodity prices in 2003 or maybe even sooner, said a panel of five industry executives at a semiannual oil field service industry outlook breakfast Mar. 8 in Houston.Mark Papa, chairman and CEO of EOG Resources Inc., Houston, told more than 700 industry representatives at that meeting to expect "another 6 months of pain," followed by a strong energy market upswing in 2003-05, especially for natural gas, as growing demand pinches diminished supplies. Natural gas prices "could fall back to $2/Mcf for a while before the end of this year, with the storage overhang," Papa said. But he and other panel members agreed that the current fallo...
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