| Date |
Organization |
Crude
Oil |
2008 |
2009 |
| 2/29/08 |
Lehman Brothers |
Brent |
$86 |
- |
| 3/3/08 |
Credit Suisse |
WTI |
$90 |
- |
| 3/28/08 |
Sanford Bernstein |
Not Specified |
$92.30 |
- |
| 3/31/08 |
Societe Generale |
WTI |
$101.20 |
|
| 3/31/08 |
Deutsche Bank |
U.S. Crude |
$95.75 |
$102.50
|
| 3/31/08 |
Reuters Poll of Analysts |
WTI - Futures |
$90.55 |
|
| 4/2/08 |
S&P |
WTI |
$91.33 |
$76.75 |
| 4/3/08 |
Lehman Brothers |
Brent |
$93 |
$83 |
| 4/4/08 |
Jefferies & Co. |
WTI |
$90-$100 |
$80-$90 |
| 4/8/08 |
Raymond James |
WTI |
$100 |
$110 |
| 4/8/08 |
EIA |
WTI |
$100.61 |
$92.50 |
| 4/17/08 |
Russia's Economy
Ministry |
Unknown |
$90 |
$78 |
| 4/17/08 |
World Trade Organization |
Unknown |
$95 |
|
| 4/18/08 |
Goldman Sachs |
U.S.
Average |
$105 |
|
| 5/6/08 |
Goldman Sachs |
|
|
$200 |
| 5/6/08 |
Energy Information
Administration |
WTI |
$110 |
|
| 5/12/08 |
Lehman Brothers |
Brent |
$103 |
$83 |
| 5/16/08 |
Goldman Sachs |
WTI |
$141(2nd
Half) |
$148 |
| 5/20/08 |
Credit Suisse |
WTI |
$120 |
|
| 5/21/08 |
UBS Securities |
WTI |
$115 |
$120 |
| 6/10/08 |
Merrill Lynch |
WTI |
$115 |
$107 |
| 7/18/08 |
International Monetary
Fund |
Unknown |
$116.50 |
$125 |
| 7/18/08 |
Lehman Brothers |
Brent-Year-end |
$93 |
|
| 8/20/08 |
Goldman Sachs |
WTI-Year-end |
$149 |
|
| 8/20/08 |
Goldman Sachs |
WTI- highs |
|
$150-$200 |
| 8/21/08 |
EIA |
Balance of
2008 |
$120-$130 |
|
| 8/22/08 |
Societe Generale |
WTI |
$113.78 |
$120.42 |
| 9/18/08 |
Goldman Sachs |
WTI |
$115 |
$110 |
| 9/30/08 |
First Energy |
Unknown |
$111.50 |
$115 |
| 9/30/08 |
AJM Consultants |
WTI |
$109.83 |
$110.15 |
| 10/2/08 |
Merrill Lynch |
WTI |
|
$90 |
| 10/3/08 |
Deutsch Bank |
WTI |
$85
(4th qtr) |
$85
(1st qtr) |
| 10/6/08 |
UBS |
WTI |
$112 |
$105.10 |
| 10/11/08 |
BNP Paribas SA |
WTI |
$104.40 |
$95.20 |
Compilation of published oil
price forecasts from various sources.
The following is a review of the major
international oil price hikes so far in 2008.
 |
Influenced by unrest in Nigeria, one of
Africa's major oil producers, world oil prices jumped sharply on the first
trading day of 2008.
|
|
|
On January 2, the prices hit a record high
of $100.09/B on the New York Mercantile Exchange
(NYMEX), surpassing $100//B for the first time.
|
|
|
Light, sweet crude for February delivery
hit 100 dpb, breaking its previous record of 99.29 dollars set last November
on the NYMEX.
|
|
|
On March 12, crude oil prices reached a
record high of over 110dollars on the weakening dollar.
|
|
|
The dollar weakened throughout the day,
setting a number of new low marks against the euro and attracting new buyers
to the oil market.
|
|
|
On May 5, light, sweet crude for June
delivery rocketed to $120.36/B on the NYMEX, hitting a new intra-day
record.
|
|
|
The attack by Turkish troops on Kurdistan
Workers' Party hideouts along the Iraq-Iran border and lasting turbulence in
Nigeria were main causes of the price hike. Delays in the settlement of the
Iran nuclear issue also heightened concern about the international oil
market.
|
|
|
On May 21, oil prices struck a new high of
over $133/B. Light, sweet crude for July delivery crossed $130/B for
the first time, reaching a record high of $133.82/B.
|
|
|
A report released by the U.S. Department of
Energy showed that U.S. crude oil stocks fell by 5.32 million barrels to
320.4 million barrels, the largest fall in the past four months, contrary to
analysts' prediction of a rise in stocks.
|
|
|
On June 6, light, sweet crude for July
delivery rose $10.75/B to $138.54/B on the NYMEX after hitting a new
record high of $139.12/B dollars earlier in the day.
|
The price surge was driven by three
factors.
 |
First, Israeli Prime Minister Ehud Olmert
threatened to attack Iran if it did not abandon its nuclear program. His
comments have caused traders and investors to worry about oil supply
constraints.
|
|
|
Second, the weak dollar and high U.S.
unemployment rate of 5.5 percent in May, the biggest monthly increase since
1986, contributed to the price hike.
|
|
|
Third, Morgan Stanley's forecast of oil
prices soaring to as much as $150/B by July 4 also produced influence
on investors.
|
Source:
Backgrounder: Review of major international oil price hikes in 2008
Updated
12/16/11
Copyright
2008
PetroStrategies, Inc.
All rights reserved
|
