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[roguedolphin]

The Energy Report

by Phil Flynn
April 4th, 2005

Jump aboard the bullish bandwagon! It's getting crowed in the bandwagon and harder to spot a bear anywhere. The energy markets continue to assault the all time highs and this morning we're going above my forecast of $58.00! Oil demand continues to rise despite all time high record prices.
US car and truck sales bounced back rising 4.6% above one year ago levels. This seeming indestructible demand for oil is raising eyebrows and price forecasts. It appears this summer demand for oil will be on a pace for at or near record demand. Gas prices are already at all time highs and are poised to move even higher. Consumers have shown they are willing to pay any price at the pump up to now.

And who will buy Unocal? Chevron Texaco stepped up and did just that for $16.4 billion. There had been rumor that Italian oil giant ENI might have been in the running or China Offshore Oil Corporation. Chevron stepped up and Unocal stays in US hands.

The Financial Times reports the International Energy Agency is urging a swift end to energy subsidies saying it spurs on higher consumption. World oil markets are stressed and not functioning well and it looks like the IEA is getting panicky.

Rogue