Reduced demand to keep oil and gas prices lower

Nov 12, 2001 01:00 AM

Waning global and industrial demand are likely to drive the prices of oil and gas lower and keep them there for the near to intermediate term, according to Fitch, the international rating agency. Fitch has lowered its price deck, or forecast for oil and gas to $ 19.50 and $ 2.15, respectively, for 2002.
"Global demand will wane and fundamentals of supply and demand will force oil lower, while high inventory levels coupled with decreasing industrial demand will factor into lower gas prices," said Sean Sexton, Senior Director, Fitch. "Inventories for natural gas are currently at the top of the six-year range for 1994-1999."

Source: Fitch
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