Price questions: the interesting vs. the important

A jolting prediction from Goldman Sachs Group Inc., New York, brings attention to the distinctions between interesting and important questions in a strong oil market.Equity analysts at Goldman Sachs, which has a large energy-trading operation, on Mar. 31 lifted the upper limit in their range of possible crude oil prices to $105/bbl from $50/bbl.Mention of a three-figure crude price spooked the market. The May contract for US light, sweet crude on the New York Mercantile Exchange closed on the day of the Goldman Sachs report up $1.41/bbl at $55.40/bbl.During the trading day, the crude price reached as high as $56.10/bbl (OGJ Online, Apr. 1, 2005).Authors of the Goldman Sachs report think s...

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