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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