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Market Journal 2010 P4

  • 06/01/2010 -- Investors regain risk appetite
    After intraday trading as low as $67.15/bbl earlier in the week, the July contract for benchmark US light, sweet crudes rebounded to $74.55/bbl May 27 on the New York Mercantile Exchange in a 2-day rally that some hoped signaled a return of investors’ risk appetite, although the contract dropped to $73.97/bbl in the next session.
  • 05/17/2010 -- Storage capacity cuts crude price
    Tightening storage capacity at Cushing, Okla., pushed the front-month crude contract price down 1.7% in the New York market in mid-May.
  • 05/10/2010 -- Business outlook bright at OTC
    Despite the overhanging pall of the tragic Macondo blowout in the Gulf of Mexico, the 2010 Offshore Technology Conference on May 3-6 in Houston was generally upbeat with business better than a year ago and hopes of steady improvement through the rest of the year.
  • 05/03/2010 -- Tight pockets, surplus pools
    The US oil market has become “a combination of pockets of tightness and pockets of surplus, with a series of contrasting regional and product quality distortions to boot,” said Paul Horsnell, managing director and head of commodities research at Barclays Capital in London.
  • 04/26/2010 -- Crude unlikely to slip soon
    Crude prices broke through the psychological $80/bbl barrier in April and show little sign of slipping back, “despite the Organization of Petroleum Exporting Countries’ usual (but misplaced) concerns about second-quarter weakness,” said analysts at the Centre for Global Energy Studies, London.
  • 04/19/2010 -- Assessing gasoline demand
    Prospects for increased US gasoline demand have been written off by much of the industry and many analysts to the point that it has become “a sort of conventional wisdom” that the market “will decline inexorably from this point,” said Paul Horsnell, managing director and head of commodities research at Barclays Capital in London.
  • 04/12/2010 -- A world of $80-90/bbl oil
    It is “now quite definitely a $80-90/bbl world” for crude prices, “and within that world $90 may well prove to be a relatively elastic upper bound,” said Paul Horsnell, managing director and head of commodities research at Barclays Capital in London, on Apr. 9.
  • 04/05/2010 -- Crude ends quarter at 17-month high
    The front-month contract for benchmark US light, sweet crudes closed at a 17-month of $83.76/bbl Mar. 31 on the New York Mercantile Exchange on a weaker dollar and momentum from earlier gains.
  • 03/29/2010 -- KBC: 'Armageddon' mood at NPRA
    No big surprises were reported at the recent National Petrochemical & Refiners Association meeting in Phoenix, Ariz., although analysts at KBC Market Services, a division of KBC Process Technology Ltd. in Surrey, UK, said the session that “captured the general mood” was titled, “Climate Change Armageddon.”
  • 03/15/2010 -- Crude nears record quarterly price
    Oil prices had a strong start this year with the first quarter on course for the fifth-highest quarterly average price ever for key benchmark crudes and “on track to average even higher for the balance of the year,” said Costanza Jacazio, vice-president of Barclays Capital Commodities Research in New York.

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