Highlights of the Market Watch feature on OGJ Online. Dates are when items appeared online. Subscribers can retrieve full articles online via keyword search.
Oct. 5
Energy futures prices declined Monday as political tensions eased in Nigeria, but analysts were uncertain if markets might be poised for further retreat or gathering strength for a renewed climb to higher prices.
The November contract for benchmark US light, sweet crudes lost 21¢ to $49.91/bbl on the New York Mercantile Exchange, while the December position was down 18¢ to $49.51/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., dropped 22¢ to $49.91/bbl. Gasoline for November delivery fell by 1.53¢ to $1.34/gal on NYMEX. Heating oil for the same month decreased by 1.02¢ to $1.39/gal. The November natural gas contract dropped 4.7¢ to $6.73/Mcf.
Oct. 6
The November benchmark crude contract soared to a record high closing of $51.09/bbl Tuesday, up by $1.18 for the day, after trading at an all-time high of $51.29/bbl in that session on NYMEX. Worries about supply disruptions spurred price increases across the entire range of energy commodities.
The December crude contract jumped by $1.13 to $50.64/bbl on NYMEX. Spot market WTI at Cushing, Okla., escalated by $1.19 to $51.10/bbl. Gasoline for November delivery increased by 2.97¢ to $1.37/gal on NYMEX, while heating oil for the same month gained 2.12¢ to $1.41/gal. The November natural gas contract shot up by 43.9¢ to close at $7.16/Mcf, after trading as high as $7.23/Mcf during the session.
Friedman, Billings, Ramsey & Co. Inc., Arlington, Va., raised its average price forecast for WTI for 2004 to $41/bbl from $38/bbl and to $39/bbl from $30/bbl for 2005.
Oct. 7
Crude futures prices continued to explore new heights Wednesday, with the November contract for benchmark US crudes jumping to an all-time peak of $52.15/bbl before retreating to a new record closing of $52.02/bbl, up 93¢ for the day on NYMEX. The market was jolted by new reports that it may take 3 months to restore Gulf of Mexico oil and natural gas production shut in by Hurricane Ivan, which went ashore in Alabama on Sept. 16.
The December crude contract gained 89¢ to $51.53/bbl Wednesday on NYMEX. Heating oil was up by 1.41¢ to a record $1.42/gal. Gasoline for the same month increased by 2.09¢ to $1.39/gal. However, the November natural gas contract lost 11.9¢ to $7.05/Mcf in profit-taking.
Oct. 8
Crude futures price for the November contract climbed as high as $53/bbl Thursday on NYMEX, before settling a new record closing of $52.67/bbl, up 65¢ from Wednesday's close.
The December crude oil contract gained 71¢ to $52.24/bbl amid continued concerns about the possibility of a strike and violence in Nigeria.
Meanwhile, there were news reports that Norwegian oil workers planned to escalate their strike against the Norwegian Shipowners Association, cutting total Norwegian offshore output by 55,000 b/d of oil.
Heating oil for November delivery closed 1¢ higher at $1.43/gal. Gasoline for the same month increased by 1.44¢ to $1.40/gal. NYMEX natural gas futures for November delivery jumped 21¢ to $7.25/Mcf.
Oct. 12
Crude futures prices continued a record-setting trend, with the November contract closing at $53.31/bbl on NYMEX, up 64¢ for the day after hitting a new peak of $53.40/bbl during Friday's session. Markets were still plagued by fears of a threatened Oct. 14 strike in Nigeria. Also, a storm halted offloading operations at the Louisiana Offshore Oil Port, a major intake point for crude imports and some Gulf of Mexico production.
The December crude contract gained 70¢ to $52.94/bbl on NYMEX. Spot market West Texas Intermediate increased 64¢ to $53.32/bbl. Heating oil for November delivery was up 2.31¢ to $1.45/gal. Gasoline for the same month gained 1.01¢ to $1.41/gal.
The November natural gas contract increased by 9.2¢ to $7.16/Mcf.
