Price consensus weakens between banks, reserve buyers

The strong price consensus late last year between Houston energy banks and the active middle market of those companies acquiring reserves dissipated as that middle market responded quicker to the rising price of both oil and natural gas in the first quarter, according to the latest quarterly oil and price forecast poll by Oil & Gas Journal Exchange."The current middle market 2002 oil price of $23.95/bbl is up more than $3/bbl from the previous quarter, while the banks' 2002 oil price of $20.44/bbl is down slightly from last quarter's $20.67/bbl (OGJ, Feb. 25, 2002, p. 34)," OGJ Exchange COO and Vice-Pres. Bill Marko said in referring to OGJ Exchange's pricing poll for the firs...

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