june 8 1999 highlights world oil markets prices despite some weakening in near term contract for crude recent weeks figure 1 we are not inclined to change the essential features of our price forecast this update data indicate that if anything have been underestimating slightly as a result raised projected level benchmark cost imported us refiners by small amount 2 story is essentially same combination demand and supply changes will probably prevent even normal seasonal increase inventories year resulting net inventory draw averaging about one million barrels per day all expected remain more or less flat until end summer when begins exhibit larger over increases from point see rising gradually through 2000 continue decline toward levels would be 17 25 barrel which translate into wti
