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Wednesday, March 10, 2010
CERA WEEK: Sees Crude Barrel At $65 To $85 In 2010
By Angel Gonzalez
Dow Jones Newswires
HOUSTON -(Dow Jones)- The price of a barrel of oil is likely to remain within a range of $65 to $85 this year due to expectations for a "robust" recovery, IHS Cambridge Energy Research Associates Managing Director James Burkhard said Wednesday.
The oil price is likely to remain relatively high despite a spare production capacity of six million barrels a day as it is a "reflection of expectations about the future," Burkhard said. Discipline among members of the Organization of Petroleum Exporting Countries is also likely to contribute to maintaining the price level, Burkhard said. Despite low demand, crude is trading at more than twice the level of its 2009 low.
In contrast, the surplus of natural gas that's keeping gas markets depressed seems poised to continue for the next two years, said IHS CERA analyst Shankari Srinivasan.
"Gas demand will take two years in some regions to reach pre-recession levels," she said.
Copyright © 2009 Dow Jones Newswires
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