THE WALL STREET JOURNAL: Low Oil Inventories in U.S. Signal High Prices May Stay a While
“Royal Dutch/Shell Group, the largest operator in Nigeria, has withdrawn nonessential personnel from Nigeria’s southern petroleum regions. Nigeria produces about 2.4 million barrels a day of highly desirable, light, low-sulfur oil.”
By BHUSHAN BAHREE
Staff Reporter of THE WALL STREET JOURNAL
September 28, 2004; Page A1
As oil prices headed toward $50 a barrel Monday, one of the world’s most important fuel gauges — U.S. commercial inventories of crude oil — signaled that the surge in prices may well continue.
Inventories in the U.S. have plunged substantially below last year’s level, confounding predictions by many analysts that stocks were building.
That may portend bigger jumps in the price as the Northern Hemisphere approaches winter, the season of peak oil use due to consumption of heating oil. To rebuild stocks and keep refineries humming, the actual users of oil — rather than speculators — are likely to snap up petroleum, keeping up the pressure on prices. read more
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