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Prices back up, sulphur problems and French on strike
Publication year - 2005
Publication title -
oil and energy trends
Language(s) - English
Resource type - Journals
eISSN - 1744-7992
pISSN - 0950-1045
DOI - 10.1111/j.1744-7992.2005.300606.x
Subject(s) - barrel (horology) , futures contract , economic shortage , crude oil , upstream (networking) , downstream (manufacturing) , brent crude , heating oil , economics , agricultural economics , economic history , economy , history , engineering , petroleum engineering , archaeology , operations management , finance , waste management , telecommunications , linguistics , philosophy , government (linguistics)
This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'. Oil prices eased during May until fears of a winter heating oil shortage in the US caused middle distillate and crude oil prices to strengthen, pushing Brent back above $50 a barrel by early June, whilst in the US, WTI figures futures topped $55. Concerns about winter heating oil so early in the year gave rise to fears of even higher prices by autumn. Venezuelan President, Hugo Chavez, stated meanwhile that "most OPEC members" thought $50 a "fair price" for crude oil.