Business Daily from THE HINDU group of publications
Saturday, Jul 15, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 15, 2006 |
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Agri-Biz & Commodities
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Interview Industry & Economy - Petroleum `Crude may top $80 in short term'
The Senior Vice-President of Purvin & Gertz, Mr Victor Shum, believes that crude is likely to touch $80/barrel in the short-term. He also says the West Asia tension will keep crude prices high, along with hurricanes in the Gulf of Mexico. Excerpts from CNBC-TV18's exclusive interview with Mr Victor Shum: Sum up the situation and whether you expect crude to go up to $80 plus? I think $80 seems quite inevitable in the near-term future. The geopolitical storms that have caused the new records today look like they won't be resolved anytime soon. These geopolitical events along with a tight global market is showing very healthy demand growth, which will keep prices high. So I expect to see $80 in the short-term. We yet haven't encountered our first hurricane in this season for the Atlantic Ocean. Therefore, later on in summer in the midst of all these geopolitical events, if we have a hurricane hitting Gulf of Mexico, then the pricing could surge ahead even more. So in the intermediate term what sort of band do you see crude trading in? In the intermediate band, we expect to see the crude in 70's type of band. I expect that some of the current excitement caused by the tensions in West Asia may die down a bit, and, on an average, I do expect strong prices in the current quarter and the next quarter.
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