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ESAI review: $70-90/bbl oil seen as sustainable range for next 2 years

05/17/2010
By Marilyn Radler
In its latest Stockwatch Quarterly Review, Energy Security Analysis Inc. (ESAI), Boston, forecasts that over the next 2 years, the fundamentally sustainable price range for crude is $70-90/bbl.ESAI Pres. Sarah Emerson said, "Obviously the price can break out of this range, and we see more potential for a breakout on the upside, but that will require either a supply-side event or signals from outside of the oil patch."The price forecast is based on six fundamental signals, including that the marginal cost of production outside the Organization of Petroleum Exporting Countries is set by Canadian oil sands. That cost, on a delivered basis, exceeds $65/bbl. This puts a flexible floo...
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