energy information administration short term outlook june 2003 1 overview world oil markets average crude prices rose in may as continued reports of low inventories trumped expectations that iraqi production would quickly return to pre war levels those hopes faded on the news post looting postpone for some months sector normal operations addition a terrorist attack saudi arabia and estimates lower by analysts combined push upward early opec basket price had risen its highest level two is now upper end s target range 22 28 per barrel figure us natural gas spot at henry hub has remained well above 5 million btu monthly basis since beginning year 6 first week underground storage principal reason these unseasonably high will likely remain long injection
