Citigroup predicted the recent increase in oil prices is a temporary lull in the downward price trajectory. The bank lowered its crude oil price forecast. “Despite global declines in spending that have driven up oil prices in recent weeks, oil production in the U.S. is still rising, wrote Edward Morse, Citigroup’s global head of commodity… Keep reading →
China’s economy, the red-hot growth engine that propelled global energy demand to dizzying heights over the last decade, is slowing down “faster than anyone forecast,” and could help keep global oil prices from soaring in a supply disruption.
That according to Edward Morse, Global Head of Commodity Research with Citi Group Global Markets. Speaking to the Department of Energy/National Association of State Energy Officials Winter Fuels Outlook Conference Oct. 10 in Washington, DC, Morse said China’s speedy reduction in import demand, along with the economic woes of the Eurozone, could have a significant leavening effect on world oil prices. Keep reading →
New England’s dependence on fuel oil for heating is putting the region in the energy crosshairs this winter, with the average heating oil price projected to hit a record $3.81 per gallon.
The National Oceanic and Atmospheric Administration (NOAA) says it currently looks like the US winter will be slightly warmer than normal, but not nearly as warm as last winter in much of the nation. Keep reading →
