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Market Journal 2005 P2

  • 05/16/2005 -- Analysts assess crude supply, demand
    Near-month futures prices for benchmark US crudes tumbled to a 3-month low before edging slightly higher May 13 as traders reassessed the week-long sell-off.
  • 05/09/2005 -- Upbeat industry outlook evident at OTC
    The 51,000 people who attended the annual Offshore Technology Conference in Houston on May 2-5—the biggest turnout since 1985—should be good news for crude market prices this year, said analysts in the Houston office of Raymond James & Associates.
  • 04/29/2005 -- CGES sees crude demand crisis
    Crude prices recently have been at record nominal levels and higher in real terms than during the 1973-74 energy crisis.
  • 04/25/2005 -- Oil at center of US-Saudi meeting
    President George W. Bush and Saudi Arabia's Crown Prince Abdullah were scheduled to meet Apr. 25 at the president's ranch in Crawford, Tex., to discuss what the US State Department described as a "big agenda" involving crude supplies, terrorism, and Middle East reforms.
  • 04/18/2005 -- Oil prices fall for second week
    Energy prices fell again Apr. 15, wiping out the small rally from the previous session on the New York Mercantile Exchange.
  • 04/04/2005 -- Goldman Sachs' 'Super spike' runs up energy prices
    Energy prices shot up on Mar. 31 after equity analysts at Goldman Sachs Group Inc., New York, predicted that crude could spike to $105/bbl at some point in the next few years.
  • 03/28/2005 -- Energy prices swing with changing influences
    Energy futures prices fluctuated strongly Mar. 22-24 in reaction to a succession of different influences that caused markets first to fall and then to rebound.
  • 03/21/2005 -- OPEC quota hike fails to halt price rise
    Crude prices soared to new heights as traders ignored an immediate 500,000 b/d hike by the Organization of Petroleum Exporting Countries in its production quota on Mar. 16 to 27.5 million b/d, less than the group's previously acknowledged production level of 27.7 million b/d among the 10 affected members, minus Iraq.
  • 03/14/2005 -- IEA increases crude demand outlook
    The International Energy Agency on Mar. 11 raised its global oil demand forecast by 330,000 b/d to 84.3 million b/d for 2005.
  • 03/07/2005 -- Gasoline futures price hits record highs
    Gasoline futures for April delivery hit record high prices in consecutive trading sessions Mar. 2-4 on the New York Mercantile Exchange, pulling the near-month crude futures price above $53/bbl for the first time since October.
  • 02/28/2005 -- Europe's demand for Russian gas grows
    European demand for natural gas from Russia and central Asia is projected to grow to 330 billion cu m in 2020 from 145 billion cu m at present, said Aberdeen consultant Wood Mackenzie Ltd. in a Feb. 22 report.
  • 02/21/2005 -- US rig count near 19-year high and climbing
    Baker Hughes Inc. reported 1,295 rotary rigs drilling in the US during the week ended Feb. 18, the highest weekly rig count since late February 1986, when the count was at 1,308.
  • 02/08/2005 -- Market balance changed between OPEC meetings
    In less than 2 months after the December meeting of the Organization of Petroleum Exporting Countries, the global balance between crude supply and demand tightened to the point where it was unnecessary for the group to adjust production at its Jan. 30 meeting, as some earlier predicted.
  • 01/31/2005 -- OPEC stands pat; Iraq elects government
    On Jan. 30, 2005, ministers of the Organization of Petroleum Exporting Countries agreed to maintain production at 27 million b/d for the 10 members other than Iraq, which that same day conducted its first nationwide election since the 2003 war.
  • 01/17/2005 -- Energy market faces possible surprises
    Analysts J. Marshall Adkins and James M. Rollyson, in the Houston office of Raymond James & Associates Inc., recently listed 10 surprises that could upset energy markets this year.
  • 01/07/2005 -- Energy markets remain tight
    The US Energy Information Administration expects growth in world demand for oil to slow this year in reaction to high prices, down 23% to an increase of 2 million b/d.
  • 11/18/2005 -- Energy prices fluctuate with weather and supplies
    Energy prices seesawed up one day, down the next Nov. 11-17 as traders reacted to changes in weather and reports of US petroleum inventories.
  • 09/06/2005 -- Recovery of LOOP, pipelines vital
    The Louisiana Offshore Oil Port was operating nearly at capacity Sept. 5, awaiting restoration of power to the Clovelly, La., storage facility.
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