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PetroQuest Energy, Inc. (PQUE) Message Board

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    • You might be correct this time, lol.-----
      Oil Prices Near Record $55-A-Barrel Level
      Friday October 15, 5:57 pm ET
      By Jane Wardell, Associated Press Writer

      Crude Oil Prices Hit New Record High of $54.90 on Concerns Over U.S. Supplies
      NEW YORK (AP) -- Crude oil futures rallied late Friday to a new high of $54.93, a day after a decline in the U.S. inventory of heating oil roiled a market already on edge over tight supplies, high demand and unrest among key producers.
      Oil for November delivery rose 17 cents to settle at $54.93 a barrel Friday on the New York Mercantile Exchange, after slipping to $54.14 in early trading. The November contract had settled at $54.76 on Thursday for the previous high.
      The oil markets are already concerned about supply shortages, largely because of the slow recovery of oil production in the Gulf of Mexico following Hurricane Ivan -- crude futures have climbed about $10 a barrel the last month alone.
      "It's momentum," said Fadel Gheit, senior energy analyst at Oppenheimer & Co. in New York, noting that traders were also reassured by Fed Chairman Alan Greenspan's comments that surging oil prices have not adversely affected the U.S. economy.
      "I don't believe we're going to see any letup in oil prices before the (U.S. presidential) election," Gheit said.
      Nearly 20 million barrels of oil have been shut in since Ivan hit the Gulf of Mexico in mid-September, and daily oil production in the region remains 27 percent, or 462,000 barrels, below normal, the U.S. federal Minerals Management Service said on its Web site Friday.
      While oil prices are more than 70 percent higher than a year ago, they are still around $25 below the peak inflation-adjusted price reached in 1981.
      Greenspan said Friday the rise in energy prices is likely to have far less of an impact on the economy than the oil shocks of the 1970s. He predicted that the global economy will adjust by boosting energy exploration and production and by increasing fuel efficiency. But he conceded that the transition period could feature unexpected bumps.