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Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices [Yahoo! Finance Canada]

Bank Of Montreal (BMO) 
Last bank of montreal earnings: 2/25 06:00 am Check Earnings Report
Economists and analysts now expect drivers could be looking at a “new normal” of higher energy prices thanks to a greater risk premium for even after the dust settles in “The new normal is not likely to be US$60 a barrel,” Avery Shenfeld, chief economist at CIBC Capital Markets, said in a podcast released on Thursday. “There's likely to be a remaining risk premium in the energy market, but, say, somewhere between US$75 and US$80 a barrel in the course of the fourth quarter; that's the base for our forecast.” Prior to the outbreak of the war, the price for a barrel of (WTI), the North American benchmark, was about US$60 a barrel. Prices then rose nearly 70 per cent to a high of US$112.95, but have since come down to around US$90. Oil prices rose after Iran effectively closed the , a major gateway for oil and gas supplies to Europe and Asia, removing an estimated 10 million barrels a day of supply from global markets, according to Oxford Economics Ltd. “When (the war) does come Show less Read more
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