Soft demand cuts energy prices

05/22/2006
Sam FletcherTwo reports of reduced demand undercut energy prices on May 12, dropping the June crude contract within pennies of $72/bbl after two consecutive sessions of gains on the New York market and reducing June natural gas to $6.28/MMbtu, the lowest price for a front month gas contract in nearly a year.The Paris-based International Energy Agency (IEA) on May 12 reduced its 2006 estimate of the growth of world demand for crude by 220,000 b/d, or 15%, primarily because of weaker US demand as a result of high fuel prices and large exports of crude from former Soviet countries, indicating weaker demand in that region.“We had been expecting such a revision, as the agency’s pri...
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