The price is definitely going to 65 a barrel. That's not an earth shattering call to make now.
More Quotes from Kevin Norrish:
Tensions over Iraq, Iran and Nigeria remain high, and the cut in exports of crude oil from Nigeria is causing specific concerns over availability of light sweet crude -- yielding higher proportions of gasoline -- as the US driving season approaches.Kevin Norrish
Under the wrong circumstances, you could easily see 80 being broken or even higher than that. Any major loss of production is going to give us another major push up.
Kevin Norrish
The market's had a crack at 60 several times recently, but not looked at all convincing below that level. I just don't think there's the appetite to push it down there.
Kevin Norrish
It's clear that the safety of employees is the main concern for the companies involved in Nigeria, and that does suggest that the current lost production could be sustained.
Kevin Norrish
There's still going to be concern about potential hurricanes in the market for a few months. Crude output and refining are so tightly stretched that you don't need a big disruption to put the system under a lot of pressure.
Kevin Norrish
The 6.0-dollar rise in prices over the past three weeks seems to have been enough to rule out the possibility of an output cut this week.
Kevin Norrish
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