Oil price surge defies forecasters
Date: Saturday, February 26 @ 08:03:49 PST
Topic: Business News; Market Research
As crude-oil futures climbed above $51 a barrel this week, analysts threw up their hands and wondered why.
"None of the historical correlations analysts have used - inventories primarily for oil, storage for natural gas, natural-gas and oil prices for rig counts -- work," said Jim Wicklund, managing director of energy research at Banc of America Securities.
"No one can really explain, with anything but a very broad brush, why crude oil prices are as high as they are."
CBS
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