Press Release: 07.12.2011

Beware the Bull Trap

BOSTON —July 12, 2011— As the investment banking community continues to sound the alarm of tight oil markets and rising oil prices, ESAI cautions that the oil markets are not that tight and the IEA’s strategic stock draw IS significant. OPEC production is up and will continue to rise. The Libya crisis continues, but is still likely to end within the next 6-12 months rather than result in a drawn out civil war. Calls for higher prices just exacerbate the current price bubble and we caution readers that when the gasoline season, such as it is, comes to an end, oil prices could fall distinctly below current levels of mid- $90s for WTI and over $115 for Brent.

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