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Quarter ends with bang

04/14/2008
By NINA RACH
The fluctuation of crude futures prices on the New York Mercantile Exchange in March ended the first quarter of 2008 with a bang, said Paul Horsnell, Barclays Capital Inc., London. By Mar. 31, the average price for benchmark US light sweet crudes was $97.82/bbl, “the highest quarterly average ever and $39.60/bbl higher than the first quarter of 2007,” Horsnell said.As a result, nine investment banks increased their forecasts for average 2008 crude prices by $10/bbl or more, including three banks that raised their estimates by at least $20/bbl, in what may be “the largest shift in consensus ever seen in any single month,” said Horsnell. “Over the course of the...
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