“The message is clear, the price will go up, especially if consuming countries do not make changes in the way they consume oil, especially in the transport sector,” the IEA‘s chief economist, Fatih Birol told Reuters in an interview.
In fact, no need to wait 2035 nor 2015, a recent run of cold weather across Europe and the U.S. is driving oil prices higher on anticipation of rising demand.
Crude oil for February delivery last traded at $91.18 on the New York Mercantile Exchange, up from an opening price of $90.79 but down from a session high of $91.34.
A massive blizzard that struck the east coast on Monday brought travel to a halt.(2)
But, Iran’s OPEC governor Mohammad Ali Khatibi said on Sunday that the oil market was stable and the crude prices could reach $100 per barrel, the Oil Ministry’s website SHANA reported. “In the opinion of the experts there is no need for an emergency OPEC meet under stable oil market conditions,” Khatibi said.(3)
So, keep watching.
Anyway, I just installed the Chrome Extensions, Market Watcher (Energy). Market Watcher (Energy) allows for looking at the values of crude oil, gasoline, heating oil, natural gas, and propane gas at a glance via the icon, mouse over tooltip, and popup. This information provided by http://finance.yahoo.com/futures, but now you don’t have to go to that page. Just click (as showed on the picture below), and the information is yours. Try it!
- Iran says market oil balanced and prices likely to increase (reuters.com)
- Oil stays above $91 as OPEC signals no output hike (seattletimes.nwsource.com)
- OPEC Oil Ministers Bless $100 Oil (247wallst.com)
- Oil on the way to $100 a barrel? (seattletimes.nwsource.com)