oil future prices, page-2

Crude 21/06/2004 29/07/2004
July CL4N 34.74
Aug CL4Q 34.53
Sep CL4U 34.33 41.84
Oct CL4V 34.12 41.26
Nov CL4X 33.92 40.84
Dec CL4Z 33.72 40.41
Jan CL5F 36.54 39.91
Feb CL5G 36.15 39.48
Mar CL5H 35.81 39.08
Apr CL5J 35.51 38.71
May CL5K 35.22 38.35

OK, I hope the formatting's right.

Note that the left hand column was in mid-June, and the one on the right is current.

Note how the January-delivery price was at a premium compared to October delivery in the June data (winter heating oil), but in the current data this has evaporated.

Essentially, a month has seen a 10-30% rise in the price of oil to be delivered in a given future month.

The conventional wisdom is that oil will retreat back below US$35, once OPEC cranks up production/Iraq stabilises/Yukos cuts a deal/whatever. Dont believe it. This is a demand story, driven by China's industrialisation.


Ian Whitchurch
Accelerated Farmins Australia
Prefloat Consultants to Merlin Petroleum
0421 864 278
[email protected]

This is not investment advice, and before investing in any of these stocks it is important to read and understand all documentation and seek professional advice.


PS Merlin Petroleum's web site now has a Huntley's report on it www.merlinpetroleum.com.au