Tuesday, December 28, 2010

OIL PRICE: Brent inches beyond USD93 - Former US Shell boss predicts near doubling next year

MARKET METRICS   Mon., Dec. 27, 2010
Crude OilOpec Basket90.730.00
($/bbl)ICE Brent93.85+0.08
Nymex Lt Swt91.00-0.51
ProductsNymex (¢/gal)
Heating Oil251.66-2.42
ICE ($/ton)
Gas Oil777.50-1.50
Natural Gas New York13.50+4.77
Spot PricesHenry, LA4.06-0.02
($/MMBtu) Katy, Texas4.01-0.00
AECO, Canada3.47-0.06

This is the CNN report

NEW YORK (CNNMoney.com) -- The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012.

In an interview with Platt's Energy Week television, Hofmeister predicted gasoline prices will spike as the global demand for oil increases.

"I'm predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices," he said.

Tom Kloza, chief oil analyst with Oil Price Information Service says Americans will see gasoline prices hit the $5 a gallon mark in the next decade, but not by 2012.

"That wolf is out there and it's going to be at the door...I agree with him that we'll see those numbers at some point this decade but not yet." Kloza said.

"The demand is still sluggish enough in some of the mature economies."

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