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Market Journal 2011 P1

  • 02/14/2011 -- Brent tops WTI as benchmark
    As the international benchmark other crudes are priced against, “West Texas Intermediate is dead, long live North Sea Brent,” said analysts in the Houston office of Raymond James & Associates Inc.
  • 01/03/2011 -- Oil price strengthened in 2010
    Front-month crude prices waffled in late December, dropping below $90/bbl Dec. 30 before rebounding to $91.38/bbl Dec. 31 in the last trading session of 2010 in New York.
  • 01/10/2011 -- Oil at $100/bbl would harm economy
    Financial markets and the Organization of Petroleum Exporting Countries are repeating their 2008 mistake in assuming the world can live with $100/bbl oil, said Olivier Jakob at Petromatrix, Zug, Switzerland.
  • 01/17/2011 -- Brent nears $100/bbl
    On Jan. 12, the benchmark February crude contract increased 0.8% to a 2-year high of $91.86/bbl on the New York Mercantile Exchange, while in London, North Sea Brent crude came within $2 of $100/bbl oil, which hadn’t been seen since October 2008.
  • 01/24/2011 -- US should reduce distillate stocks
    The US needs to “export more distillates or cut refinery production” before Gulf Coast stocks become “difficult to manage,” said Olivier Jakob at Petromatrix, Zug, Switzerland.
  • 01/31/2011 -- Egyptian riots lift oil prices
    After waffling all week, the March contract for West Texas Intermediate shot up $3.70 to $89.34/bbl Jan. 28 on the New York Mercantile Exchange as civil unrest in Egypt put Wall Street in a panic.
  • 02/07/2011 -- Weaker payroll data lower oil prices
    Energy prices fell Feb. 4 with North Sea Brent dropping below $100/bbl in London and West Texas Intermediate down to less than $90/bbl in New York, partly in response to weaker-than-expected US payroll data.
  • 02/21/2011 -- Volt vehicle lags on green list
    In another indication that Chevrolet’s hybrid-electric Volt might become the next Edsel-size automotive disaster, the car barely placed in the recent American Council for an Energy Efficient Economy’s (ACEEE) annual Green Book ratings of the most environmental friendly vehicles, coming in last at unlucky 13.
  • 02/28/2011 -- Libyan fight favors refiners
    In the last full week of February, front-month crude posted the largest weekly gain in 2 years in the New York market as turmoil in Libya shut in 850,000 b/d of crude production.
  • 03/07/2011 -- MENA strife lifts crude to 2-year high
    Fighting in Libya and general unrest in the Middle East and North Africa sent the price of crude above $102/bbl Mar. 2 in the New York market—“the first time in more than 2 years” the front-month contract closed above $100/bbl, said analysts in the Houston office of Raymond James & Associates Inc.

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