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Market Journal 2008 P2

  • 08/11/2008 -- Another oil price spike predicted
    Unless demand for oil collapses within 5-10 years, the world will experience a serious "supply crunch" with prices shooting above $200/bbl for crude, according to a report from Chatham House.
  • 08/04/2008 -- July was bad for oil
    US crude dropped $15.92/bbl in July for the biggest dollar loss in a single month since it began trading on the New York Mercantile Exchange.
  • 07/28/2008 -- A week of falling prices
    The biggest ever work-week fall of crude prices dropped a total $16.20 July 14-18 to $128.88/bbl.
  • 07/21/2008 -- Dollar values and oil prices
    For months now, OPEC members and many western analysts have blamed the weak US dollar as a primary cause of the escalation of oil prices.
  • 07/07/2008 -- Chinese demand pushes oil prices higher
    Increased energy consumption in China and other developing countries is outstripping demand destruction in the US and Europe and is pushing oil prices still higher, analysts said.
  • 06/30/2008 -- Markets ignore rumors of war
    There was virtually no reaction in world oil markets when Iran denied the rumor that Israeli aircraft had attacked its nuclear facilities on June 23, saying such an act would be "impossible."
  • 06/16/2008 -- Angry officials mull market controls
    Diplomatic and government policy responses appear to be coming to a head in a climate of accusations over high energy prices, said industry analysts.
  • 06/09/2008 -- Crude prices make record leap
    In the biggest one-day gain ever, the July contract for benchmark US light, sweet crudes shot to a record high of $139.12/bbl in intraday trading June 6 on NYMEX.
  • 06/02/2008 -- Energy is top political issue
    From a record intraday high of $135.09/bbl May 22, the contract for benchmark US light, sweet crudes closed at $127.35/bbl May 30, following the May 26 Memorial Day holiday on NYMEX.
  • 05/19/2008 -- Earthquake may shake energy market
    After the massive May 12 earthquake hit the Sichuan province of central China, damage to hydroelectric and nuclear power plants could prove critical to energy markets.
  • 05/12/2008 -- Energy prices continue climbing
    The June contract for US light, sweet crudes jumped to a record of $126.27/bbl May 9 on NYMEX before closing at a record $125.96/bbl, gaining a total $9.64/bbl over five trading sessions that week.
  • 05/05/2008 -- OPEC's position strengthens
    Growing demand for crude combined with the slowdown in production of new supplies in other countries is placing the Organization of Petroleum Exporting Countries in a powerful position, say industry analysts.
  • 04/28/2008 -- Distillate demand driving market
    Growing demand for middle distillate fuels in Asia and Europe has created a world shortage that can only be resolved by processing more crude to produce these straight-run products.
  • 04/14/2008 -- Energy prices climb
    The front-month contract for benchmark US crudes jumped past $112/bbl Apr. 9 following a report that inventories of crude, gasoline, and distillate fuel fell to unexpectedly low levels in the week ended Apr. 4.
  • 04/08/2008 -- Quarter ends with bang
    The fluctuation of crude futures prices on the New York Mercantile Exchange in March ended the first quarter of 2008 with a bang, said Paul Horsnell, Barclays Capital Inc., London.
  • 03/31/2008 -- Dollar value, crude prices fluctuate
    The May benchmark US crude contract jumped above $107/bbl Mar. 27 in the New York market following the bombing of a primary export oil pipeline in southern Iraq.
  • 03/17/2008 -- Measuring 'extreme' oil prices
    For seven sessions Mar. 5-13, the front-month crude contract consecutively set record high prices on the New York Mercantile Exchange as the US dollar fell.
  • 02/18/2008 -- Greenspan: Odds favor recession
    At Cambridge Energy Research Associates' annual energy conference in Houston, former Federal Reserve Chairman Alan Greenspan said there is a "50% or better" chance that the US will experience an economic recession that will curtail energy demand.
  • 02/04/2008 -- Mid-East demand up as OPEC holds output
    As expected, OPEC ministers made no production changes at their Feb. 1 meeting in Vienna, despite pressure from the US and other large consuming countries to increase output.
  • 01/28/2008 -- Government action revitalizes markets
    Fears of recession and unauthorized trading at an international French bank battered equity markets, forcing government action that caused US energy prices to rebound in late January.

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