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Market Journal 2007 P2

  • 06/25/2007 -- Higher prices threaten demand
    Demand for crude may fall if prices exceed $80/bbl, said analysts in the Houston office of Raymond James & Associates Inc.
  • 07/02/2007 -- Crude tops $70/bbl on NYMEX
    The August contract for benchmark US light, sweet crudes pushed past $70/bbl June 29 on the New York Mercantile Exchange to its highest level in 10 months.
  • 07/09/2007 -- OPEC spare productive capacity 'diminished'
    Increasing global demand for oil and natural production declines have diminished OPEC's excess productive capacity and its power to manipulate oil prices, said Raymond James analysts.
  • 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.
  • 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.
  • 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.
  • 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.
  • 08/20/2007 -- 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.
  • 08/27/2007 -- 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.
  • 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.
  • 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.
  • 09/24/2007 -- 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.
  • 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.
  • 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.
  • 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.
  • 11/26/2007 -- Marching to $100/bbl oil
    The push for $100/bbl oil may not be over.
  • 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.
  • 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.
  • 12/17/2007 -- 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.
  • 12/31/2007 -- 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.

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