Monday, August 08 2005 @ 05:32 AM EDT Contributed by: Oilcasters Views: 849
The Oilcast CopriDex (CDex) for this week August 8th to 12th is $63.03.
Last week's forecast was $60.66.
The actual average price over the week was $61.60. The CDex was too low by $0.94c or 1.52%.
The Friday closing price was $62.31. The CDex was too low by $1.65 or 2.64%.
This is the closest CDex forecast so far.
Some items to consider for next week August 15th to 19th.
1. Are new tropical storms forming?
2. Is US refinery capacity going to affect prices?
3. Will US stocks continue to be drawn down?
4. Will hot weather increase consumption?
5. Will the latest round of negotiations with Iran over their nuclear programme unsettle markets?
What is the Oilcast CopriDex?
The Oilcast CorpiDex is a co-operative price forecast for NEXT WEEK’s NYMEX crude oil price.
You vote for where you think the price will go next week.
As an example, if it is Monday June 1st through Friday June 5th, you are voting for where the price will be from Monday June 8th through Friday June 12th.
We will then compare the forecast you make with:
A) the average price over the week and:
B) the closing price on Friday.