CGES: Falling oil prices don't signal market collapse

Although crude prices have fallen considerably from record highs in mid-October, the retreat doesn't necessarily signal the start of an extended price slide into 2005, said analysts at the Centre for Global Energy Studies in London."The path of oil prices in 2005 will depend on the extent of the slowdown in economic growth and the severity of winter weather," said CGES analysts in their Nov. 22 monthly report. "US heating oil stocks are as low as they have ever been for the time of year over the last decade and well below the levels seen at this point in each of the last 2 years. While they are probably sufficient to meet demand if the winter is mild, they will not do so if it is seve...

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