Most observers remain bullish on the direction of oil and gas prices in 2005,notwithstanding the record price run-up of 2004.The outlook still hinges on supply,which appears to be flat,and demand,which appears to remain robust.Natural gas scenarios.At press time,the amount of natural gas in storage remained well above the five-year average,almost 15% above,yet gas prices on Nymex were still hovering at US6,with a healthy forward curve extending into the foreseeable future.That led analysts at Simmons & Co.International to conclude that storage inventories may have become less relevant in determining gas prices.
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