A “supply shock” to the global energy markets being created by North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand in the last 15, forcing operators to overhaul global investment strategies and reshape the way oil is transported, stored and refined, the International Energy Agency (IEA) said Tuesday.
Articles from Underestimated
Despite continuing $5-plus gas prices, Lehman Brothers is forecasting another year of poor domestic gas production results in 2004 after an estimated 3% drop in 2003. The Lehman Brothers production estimates, however, have a track record of showing an entirely different picture from the one laid out over the last six years by the federal government.
It seemed reasonable Thursday to expect that prices would besoftening Friday. Sources ticked off good reasons for thinking so:a low-demand holiday weekend; forecasts of moderating Western heat;and the end of storm-related outages in the Gulf Coast.