04 March 2010 20:00 [Source: ICIS news]
By Joseph Chang
“We see crude oil pushing towards $100/bbl by the end of the year as global economic growth boosts demand, especially in ?xml:namespace>
“Although OPEC has some spare production capacity that could relieve upward pricing pressures in the short term,
Crude oil currently trades at around $80/bbl.
Zembrodt said she was “a more cautious bull” on natural gas prices, which she sees rising to near $6/MMBtu by the end of the year, compared with around $4.60 today.
Recovering industrial demand as well as growing use in power generation will drive higher demand, she said, but supply will also rise.
“Natural gas production continues to grow in the
Increased supplies will come from the production of shale gas, as well as tight gas. Plus, imported liquefied natural gas (LNG) will also become a greater component of the
The analyst expects US LNG import volumes to rise from around 600 billion cubic feet (bcf) in 2009 to 800bcf in 2010, and 1,300bcf by 2012.
“As LNG becomes a bigger part of US the supply profile, it will have a greater impact,” said Zembrodt.
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