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Having seen his prediction that crude oil prices would reach $65 a barrel become reality, Dr. Michael Economides is making equally bold predictions about natural gas. Natural gas prices, he said Wednesday while visiting Midland to address the Permian Basin section, Society of Petroleum Engineers, will reach $20 per thousand cubic feet (Mcf) around Christmas.
Having forecast $65 oil, he said, he's now predicting $100 oil "but I'm not impressed with that. Natural gas is the real story."
Economides, professor at the Cullen College of Engineering at the University of Houston and managing partner in a petroleum engineering and strategy consulting firm, lists several reasons for his expectations of high energy prices. One is the "perfect storm" of Hurricanes Katrina and Rita. Rita's approach has, as of Wednesday afternoon, knocked out 73 percent of the Gulf of Mexico's oil production as personnel were evacuated from offshore rigs and production platforms. On Tuesday, the U.S. Minerals Management Service survey of Gulf of Mexico natural gas wells found that 3.3 percent of gas production has been shut-in as a result of Hurricane Katrina three weeks ago. There is, he said, 3.5 million cubic feet of Gulf of Mexico natural gas production off-line that likely won't be back on the markets by Christmastime.
http://www.nbc10.com/money/5032836/detail.html?rss=phi&psp=news
"You'll note that all three of my picks for CNBC's "Morning Call" emphasize natural gas over oil and land-based gas production over gas from the Gulf of Mexico. That's because I think natural gas prices will go up faster than oil prices over the winter and through 2006
Oil is far too cheap at the moment," says Mr Simmons.
"The figure I'd use is around $182 a barrel. We need to price oil realistically to control its demand. That is because global production is peaking."
"If we price oil correctly," Mr Simmons says, "it could give us time to fin bridge fuels, fuels to fill the gap between an oil economy and a renewable economy. But I don't see that happening."
The adherents of the peak oil theory warn the decline of world oil output will force oil prices higher for good, and that the knock on effects could be catastrophic.
"In my opinion, unfortunately, there will be no linear change," says Iran's Ali Bakhtiari. "There will only be sudden explosive change."
Swanson doesn't agree with such dire scenarios, but believes that higher oil prices are in the cards for the next few years. "Oil investments have been a profitable component for any portfolio and I believe that soon people are going to see them as a must," he says.
Damage to Gulf Coast facilities would increase a price that has already jumped to a record level this week of $14 (£7.90) per million Btu. The US is short of natural gas, its onshore wells are nearly spent and September is a critical month when gas companies fill storage tanks before winter demand.
A key gas pipeline serving Henry Hub was shut down yesterday as a precaution, cutting off supplies and also causing Nymex, the commodities exchange, to declare force majeure on gas futures contracts that specify Henry Hub as the delivery point. Two thirds of the Gulf of Mexico gas output was shut yesterday, along with 92 per cent of oil production, as platform operators evacuated staff from offshore facilities. Fifteen refineries closed.
شركات الغاز الطبيعي قبل لا يدخل الشتاء
Having forecast $65 oil, he said, he's now predicting $100 oil "but I'm not impressed with that. Natural gas is the real story."
Economides, professor at the Cullen College of Engineering at the University of Houston and managing partner in a petroleum engineering and strategy consulting firm, lists several reasons for his expectations of high energy prices. One is the "perfect storm" of Hurricanes Katrina and Rita. Rita's approach has, as of Wednesday afternoon, knocked out 73 percent of the Gulf of Mexico's oil production as personnel were evacuated from offshore rigs and production platforms. On Tuesday, the U.S. Minerals Management Service survey of Gulf of Mexico natural gas wells found that 3.3 percent of gas production has been shut-in as a result of Hurricane Katrina three weeks ago. There is, he said, 3.5 million cubic feet of Gulf of Mexico natural gas production off-line that likely won't be back on the markets by Christmastime.
http://www.nbc10.com/money/5032836/detail.html?rss=phi&psp=news
"You'll note that all three of my picks for CNBC's "Morning Call" emphasize natural gas over oil and land-based gas production over gas from the Gulf of Mexico. That's because I think natural gas prices will go up faster than oil prices over the winter and through 2006
Oil is far too cheap at the moment," says Mr Simmons.
"The figure I'd use is around $182 a barrel. We need to price oil realistically to control its demand. That is because global production is peaking."
"If we price oil correctly," Mr Simmons says, "it could give us time to fin bridge fuels, fuels to fill the gap between an oil economy and a renewable economy. But I don't see that happening."
The adherents of the peak oil theory warn the decline of world oil output will force oil prices higher for good, and that the knock on effects could be catastrophic.
"In my opinion, unfortunately, there will be no linear change," says Iran's Ali Bakhtiari. "There will only be sudden explosive change."
Swanson doesn't agree with such dire scenarios, but believes that higher oil prices are in the cards for the next few years. "Oil investments have been a profitable component for any portfolio and I believe that soon people are going to see them as a must," he says.
Damage to Gulf Coast facilities would increase a price that has already jumped to a record level this week of $14 (£7.90) per million Btu. The US is short of natural gas, its onshore wells are nearly spent and September is a critical month when gas companies fill storage tanks before winter demand.
A key gas pipeline serving Henry Hub was shut down yesterday as a precaution, cutting off supplies and also causing Nymex, the commodities exchange, to declare force majeure on gas futures contracts that specify Henry Hub as the delivery point. Two thirds of the Gulf of Mexico gas output was shut yesterday, along with 92 per cent of oil production, as platform operators evacuated staff from offshore facilities. Fifteen refineries closed.
شركات الغاز الطبيعي قبل لا يدخل الشتاء
