OGJ Newsletter

08/28/2000
Market MovementOil price outlook firm, provided... Click here to enlarge imageOil prices are expected to remain relatively firm, provided there is no further slippage on production quotas from OPEC, Purvin & Gertz said in a July (see chart). "We presume that no further increases will occur at the September [OPEC] meeting, though legitimization of current output levels could be agreed to," the analyst said. "With stocks of crude and products remaining low due to backwardation, anxieties about winter fuels will affect the trends. Longer-term, building stocks in our balances still lead to weaker prices in 2001."Purvin & Gertz also notes that recent US crude and product inventory draws over ...
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