Furthermore, the International Energy Agency announced today that it is revising its oil demand estimates downward for the second half of 2002. They cite the slow economic recovery as the primary reason for the revision. Slower oil demand growth increases the likelihood that prices will remain stable (all other things equal, of course). This pattern …
Lots of good oil market news today for consumers; a bit less good if energy stocks comprise a substantial share of your investments! A Platts survey of OPEC production shows a huge increase in May, according to a press release on Yahoo Financial News. Iraq coming back online and Venezuela increasing production after the oil …
This story from CBS Marketwatch does a nice job of summarizing the myriad developments in the energy industry in the past week. More thoughts later about how this house-cleaning is painful in the short run, but extremely beneficial in the long run as long as it doesn’t lead to knee-jerk, reactionary, thoughtless government regulation. Now …
I wonder if California’s politicians will ever stop externalizing all of the responsibility for their failed electricity restructuring. Now they are moving beyond placing all of blame on Enron and other “greedy, out-of-state, price gouging” power suppliers to Perot Systems, the company that wrote the software to implement California’s failed “market” design and made marketing …
In terms of energy markets, the news today seems to be no news. Prices are not fluctuating much, domestic gasoline inventories are higher than last year at this time, OPEC producers are pumping 1.4 million barrels per day over their stated quota (that’s 6 percent).
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