Upbeat industry outlook evident at OTC

05/16/2005
The 51,000 people who attended the annual Offshore Technology Conference in Houston on May 2-5-the biggest turnout since 1985-should be good news for crude market prices this year, said analysts in the Houston office of Raymond James & Associates. “Historically, OTC attendance has tracked fairly closely with the price of oil,” said analyst J. Marshall Adkins in a May 9 report. “This correlation has been remarkably good for nearly 30 years, until this year.” Prices have escalated sharply over the last couple of years, spiking above $50/bbl this year, while OTC attendance has shown a more gradual growth, although well above the 39,00-plus attendees it averaged ov...
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