| Archives | Editors Perspective | Market Journal | Drilling Production | Exploration Development | General Interest | Processing | Transportation

• 12/31/2007 -- A December run for $100/bbl oil
  With many observers convinced they had seen the last major run up in oil prices for 2007, the market mounted another run at $100/bbl crude in late December.
• 12/17/2007 -- Economic factors whiplash energy prices
  The January crude contract for US light, sweet crudes on Dec. 12 closed in New York at $94.39/bbl, up $4.37 in the biggest 1-day gain since Jan. 30 and the highest closing since Nov. 27.
• 12/10/2007 -- OPEC holds pat on production
  As was generally expected, the Organization of Petroleum Exporting Countries agreed Dec. 5 not to raise crude production since commercial oil inventories remained at comfortable levels.
• 12/03/2007 -- NYMEX suffers week of losses
  During Nov. 26-30, the front-month contract for benchmark US light, sweet crudes sustained its largest weekly change and largest weekly decline ever.
• 11/26/2007 -- Marching to $100/bbl oil
  The push for $100/bbl oil may not be over.
• 11/19/2007 -- Crude price waffles above $90/bbl
  The crude futures price fell to its lowest level in nearly 2 weeks Nov. 13 after the International Energy Agency reduced its estimates of global oil demand for the fourth quarter through 2008.
• 11/12/2007 -- High crude price divides market
  With front-month benchmark US crude touching a record high of $98.62/bbl in overnight electronic trading Nov. 7, the oil market essentially split into two main groups.
• 11/05/2007 -- Anticipating $100/bbl oil
  Crude prices swung sharply during the trading week of Oct. 29-Nov. 2, fluctuating at record levels of $93-95/bbl that had many analysts anticipating $100/bbl oil within weeks.
• 10/22/2007 -- NOAA: La Nina signals moderate winter
  The US National Oceanic & Atmospheric Administration forecasts this winter will be 2.8% warmer than the 30-year norm for the US in December through February but still 1.3% cooler than last year.
• 10/01/2007 -- Analyst sees US oil supply cuts by 2012
  Mexico, Saudi Arabia, Venezuela, Nigeria, Algeria, and Russia will cut crude exports to the US by 2012, intensifying investment in Canada's oil sands, an analyst predicts.
• 09/24/2007 -- A run of record high prices
  The front month crude contract hit record highs in either intraday trading or closings—usually both—in eight consecutive trading sessions Sept. 11-20 on the New York Mercantile Exchange.
• 09/17/2007 -- Crude tops record $80/bbl
  The front-month crude contract closed above $80/bbl for the first time in the history of NYMEX Sept. 13 upon news that Hurricane Humberto had disrupted power to three refineries in Port Arthur, Tex.
• 09/10/2007 -- Gas shut in due to low prices
  Gas futures prices strengthened Sept. 4-5 on news that Chesapeake Energy Corp. is cutting production due to poor market conditions.
• 09/04/2007 -- Another hurricane threat
  Having just returned to full production after Hurricane Dean, Petroleos Mexicanos again faced a possible decision Sept. 3 whether to evacuate offshore rigs and platforms in the Bay of Campeche as another category 5 storm, Hurricane Felix, churned through the Caribbean.
• 08/27/2007 -- Facilities escape damage from Dean
  For all of the initial fears it generated among traders and Gulf Coast residents, Hurricane Dean inflicted apparently little damage to or disruptions of oil and gas operations in the Gulf of Mexico.
• 08/20/2007 -- It's just Erin and Dean, not Katrina and Rita
  On Aug. 19 as Dean, the first hurricane of the 2007 season, pounded Jamaica's south coast, residents of Houston some 1,427 miles away were emptying grocery shelves of bread, bottled water, and other essentials on the remote chance that the storm might come ashore in their vicinity.
• 08/13/2007 -- Data vital to energy markets
  Fear that the Organization of Petroleum Exporting Countries would undersupply peak market demand for crude in July and August increased the price at which refiners were willing to draw down crude stocks and inflated oil prices in June and July.
• 08/06/2007 -- Loss followed record-high prices
  The front-month crude contract ended the trading week through Aug. 3 with a 2% loss after setting record highs in earlier sessions on the New York market.
• 07/30/2007 -- Equities market, GDP rattle oil prices
  Futures prices for crude and petroleum products took unusual bounces in the last full week of July, influenced by a falling equities marekt and US economic growth.
• 07/16/2007 -- US crude tops $73/bbl, may head higher
  After testing price barriers during intraday trading for five consecutive sessions, the near-month benchmark US crude contract closed above $73/bbl in New York on July 13, and analysts said it could be headed higher this summer.