Archives for: February 2009, 13

As crude continues to shadow box around the $40/barrel mark

February 13th, 2009

As crude continues to shadow box around the $40/barrel mark, OPEC has slated another meeting for March 15, 2009 to discuss further curtailment in production. Our comment would be, they can cut production all they want because there is nowhere to store the stuff with Cushing, OK, the delivery point for futures contracts, at 98% of capacity. In addition, their last announcement in November called for a two million bpd cut starting in January.

For our advice on which oil companies will be moving to what credit terms, contact us at info@en-pro.com.

By: Roger McKnight, Senior Petroleum Advisor

Posted in General