US benchmark oil and gas prices will likely decline steadily until 2003 before rebounding slightly from 2003-05.
That's the consensus indicated by the most recent quarterly oil and natural gas price forecast poll conducted by Madison Energy Advisors Inc., Houston.
Madison-an exploration and producing property transaction advisor-was acquired late last year by PennEnergy, the online susidiary of Oil & Gas Journal's parent firm PennWell Corp.
At that time, Madison was added to PennWell's online vertically integrated energy services group, Oil & Gas Journal Exchange.
The banks surveyed in the pricing poll are the four largest reserves-based energy lenders in Houston and have led in US energy lending for more than 15 years, Madison said.
In the last quarterly pricing poll, Madison introduced an "active auction buyers" pricing poll, which surveyed four companies with an active history of acquiring producing properties through auctions. In this quarter's pricing poll, subsequent-quarter poll results are shown (see table).
