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Market Journal 2010 P5

  • 03/08/2010 -- Oil futures top $80/bbl
    After failing to sustain pushes above $80/bbl in four previous sessions, April crude closed at $80.87/bbl Mar. 3, up $1.19 for the day in the highest closing for a front-month contract in 7 weeks in the New York market as the euro strengthened against the US dollar.
  • 03/01/2010 -- US oil production climbs
    Unlike most producers outside the Organization of Petroleum Exporting Countries, the US “put up remarkably strong oil production growth of 7.1% in 2009” after “a nearly nonstop decline” for the past 3 decades, said analysts in the Houston office of Raymond James & Associates Inc.
  • 02/22/2010 -- Futures price contango compresses
    There has been a gradual compression this year of the futures price contango for key benchmark crudes, with the narrowing most evident at the front of the North Sea Brent curve.
  • 02/15/2010 -- EIA may underestimate gas demand
    The US Department of Energy’s Energy Information Administration may be underestimating natural gas demand with much of the US South and Northeast enveloped in yet another round of cold weather that boosted gas and electricity demand in January through early February, said Adam Sieminski, chief energy economist, Deutsche Bank, Washington, DC.
  • 02/08/2010 -- PIIGS trample energy prices
    Energy prices flopped with crude down 5% for its biggest 1-day loss in 6 months Feb. 4, then tumbled below $70/bbl to a 7-week low before “bottom pickers” bid prices back above $71/bbl Feb. 5 on the New York market, amid growing global concern that the weak economies of Portugal, Ireland, Italy, Greece, and Spain (PIIGS) may undermine Europe’s recovery from the recession.
  • 02/01/2010 -- Floating inventories fall
    The volume of crude in storage on supertankers at sea has fallen well below 40 million bbl from a peak of 100 million bbl last May.
  • 01/25/2010 -- OPEC capacity caps prices
    The International Energy Agency in Paris estimated in December the sustainable production capacity for the Organization of Petroleum Exporting Countries at 35.4 million b/d, with actual output at 29.05 million b/d, leaving a spare capacity of 6.35 million b/d.
  • 01/18/2010 -- Energy markets in transition
    This year will likely see a transition of energy markets back to “traditional fundamentals” of supply, demand, and inventories in place of the financial, currency, and equity market drivers that dominated 2009,” said Adam Sieminski, chief energy economist, Deutsche Bank, Washington, DC.
  • 01/11/2010 -- Cold weather saps distillates surplus
    Colder weather across much of the northern hemisphere in late December and early January accelerated the burn-off of a global distillate fuel surplus.
  • 01/05/2010 -- A 'virtual' oil price gain
    The front-month contract for benchmark US light, sweet crudes traded as high as $80/bbl before closing at $79.36/bbl Dec. 31, 2009, in what many described as a 78% price jump during 2009 and its biggest surge since 1999 on the New York Mercantile Exchange.

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