"The stats yesterday were certainly not bearish but we will have to have a rally on the gasoline. If WTI reaches $62.50/b or Brent at $63/b, then I think $65/b won't be a problem."
A London-based broker view on current market developments after global crude futures traded within a narrow range Thursday, holding onto gains made Wednesday after a surprisingly bullish set US inventory figures from the Energy Information Agency.
"I think it is very likely that in the House of Representatives we will see legislation move during the course of this year...If you look at environmental legislation that has passed over the past 20 years, what you see is that the legislation passes when the states, the environmental community and industry all want legislation."
The US Congress is "very likely" to get started on crafting carbon emission cap-and-trade legislation in 2007, according to a former head of the US Environmental Protection Agency, Carol Browner, but any bill passed is unlikely to receive presidential approval.
Updated: March 8, 2007
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