Andy Weissman, FTI Consulting Energy Business Watch Expert, Says Oil Prices Could Reach $80 Per Barrel
 
Apr 18, 2006 - Business Wire
 

For FTI Consulting Emma Murphy, 718-875-4545 emurphy@neibartgroup.com or Lisa Schaefer, 212-841-9364 lisa.schaefer@fticonsulting.com</ A>

 

Contrarian Energy Industry Veteran Provides Market-Leading Analysis of Oil Price Explosion

 

Andy Weissman, a veteran energy industry expert at FTI Consulting (NYSE:FCN), says oil prices could reach $80 per barrel in the next four to six weeks. Mr. Weissman is available to comment on the following:

 

--Analysis of current US crude oil inventory levels, projected crude oil imports, US production capacity from the Gulf of Mexico, combined with US refinery activity ramping up to full production levels in May, indicates oil prices could climb to the $80 mark.

 

--Supply levels have been affected by crude oil production cut- offs in Nigeria due to terrorism, and diminished production levels in the Gulf of Mexico. US crude oil production levels are yet to fully recover from the 2005 US hurricane season, with 340,000 barrels still shut in on a daily basis in the Gulf. To date, the diminished US supply has been off-set by lower US refinery utilization.

 

--Demand for crude oil continues to grow now that US refineries are moving from maintenance into full production levels for April/ May. Demand is further driven by increased consumption around the world.

 

--The European price in the North Sea trading hub, Brent, which is considered a reliable benchmark for US prices, normally trades between $1.00 to $1.50 below the price on NYMEX. Recently it has been hovering at, or slightly above the NYMEX price.

 

Mr. Weissman, whose contrarian views on oil and natural gas supply and pricing have been proven over the past three years, leads the FTI Energy Business Watch (www.ftienergybusinesswatch.com ) team, a comprehensive, in-depth energy advisory service for energy producers, traders, investors and users. He is a senior managing director at FTI Consulting in its Washington DC office and has over 30 years experience.

 

About FTI Consulting

 

FTI is a premier provider of problem-solving consulting and technology services to major corporations, financial institutions and law firms when confronting critical issues that shape their future and the future of their clients, such as financial and operational improvement, major litigation, mergers and acquisitions and regulatory issues. Strategically located in 25 of the major US cities, London and Melbourne, FTI's total workforce of more than 1,400 employees includes numerous PhDs, MBAs, CPAs, CIRAs and CFEs, who are committed to delivering the highest level of service to clients.

 

The views expressed in the alert are held by Mr. Weissman and are not necessarily representative of FTI Consulting.

 

 


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