VOL. XLV

No 18

6-May-2002

SUPPLY/DEMAND

Demand Reemerging As Driver Of Crude Prices

The main benchmarkcrude prices remained comfortably above $25/B last week, and, as has happenedmost weeks recently, early price rises were blamed on political tensions in theMiddle East, and later fallswere attributed to uncertainty over demand. Yet MEES soundings indicatethere is a growing feeling in the market that the war premium, estimated bysome at about $5/B, cannot alone be responsible for keeping prices at...