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. 12
The November contract for benchmark US crudes closed at a record $53.64/bbl, up 33¢ Monday on the New York Mercantile Exchange after trading at a new peak of $53.80/bbl during that session.
Prices were driven by labor problems in Nigeria and Norway and by delays in restoring oil and gas production in the Gulf of Mexico.
The December crude contract gained 40¢ to $53.34/bbl on NYMEX. On the US spot market, West Texas Intermediate crude increased by 33¢ to $53.65/bbl. Heating oil for November delivery increased by 1.67¢ to a record $1.47/gal on NYMEX, but gasoline for the same month dipped by 0.7¢ to $1.41/gal. The November natural gas contract fell 17¢ to $6.99/Mcf.
Oct. 13
Energy futures prices fell Tuesday as traders took profits after six consecutive sessions of record high prices for crude.
November crude hit a new high of $54.45/bbl on NYMEX before closing at $52.51/bbl, down $1.13 for the day. The December contract fell by $1.16 to $52.18/bbl. Spot market WTI also lost $1.13, to $52.52/bbl. Gasoline for November delivery fell by 2.47¢ to $1.38/gal on NYMEX, while heating oil for the same month was down by 1.62¢ to $1.45/gal. The November natural gas contract plunged by 35.7¢ to $6.64/Mcf.
Oct. 14
Energy prices rebounded Wednesday, wiping out most losses from the previous session with reports that a 30-in. oil pipeline exploded in eastern Mexico.
The Energy Information Administration said US crude inventories increased by 4.2 million bbl to 278.2 million bbl during the week ended Oct. 8. Gasoline stocks were up by 1.2 million bbl to 200.6 million bbl in the same period, but distillates fell by 2.5 million bbl to 120.9 million bbl.
The November crude contract rebounded to $53.64/bbl, the same record level as Monday on NYMEX. The December position advanced to $53.14/bbl. Spot market WTI recovered to $53.65/bbl. Heating oil for November delivery jumped to a record $1.50/gal. Gasoline for the same month was up to $1.41/gal. November natural gas regained to $6.85/Mcf.
Oct. 15
Energy futures prices soared to new heights Thursday after Purnomo Yusgiantoro, conference president of the Organization of Petroleum Exporting Countries, said he expects oil prices "will continue to rise until the end of this month because demand is getting stronger." One analyst forecast crude prices could hit $60/bbl with the approach of winter in the US and Europe and continued supply disruptions.
The November benchmark US crude contract hit a new peak of $54.88/bbl before closing at a record $54.76/bbl on NYMEX, marking the eighth time crude prices reached new highs within the last 2 weeks. The December position advanced to $54.06/bbl. Spot market WTI rose to $54.77/bbl. Heating oil for November delivery jumped to a record $1.55/gal. Gasoline for the same month increased to $1.42/gal. The November natural gas contact dipped to $6.80/Mcf, however.
Oct. 18
The November crude contract hit new highs Friday on NYMEX, after statements by Federal Reserve Chairman Alan Greenspan, aimed at reassuring the US economy, apparently backfired.
Greenspan said the economy is less vulnerable now to surges in oil prices than in the 1970s and that recent high prices have had little effect so far. However, he warned that the risk of economic trouble may grow if prices were to move materially higher.
The November crude contract hit a record $55/bbl before closing at a new high of $54.93/bbl Friday on NYMEX. However, the December contract dipped to $53.97/bbl. Spot market WTI increased to $54.94/bbl. Heating oil for November delivery was unchanged at $1.55/gal, while gasoline for the same month dipped to $1.41/gal. The November natural gas contract retreated to $6.71/Mcf.
