Highlights of the Market Watch feature on OGJ Online. Dates are when items appeared online. Subscribers can retrieve full articles online via keyword search.
Nov. 9
Energy futures prices resumed their recent decline Monday as speculators pulled out of the market despite threats to exports from Iraq and Nigeria. Violence erupted in several parts of Iraq as military action increased against insurgents in Fallujah. The Nigeria Labor Congress said it would strike on Nov. 16, closing oil exports of 2.5 million b/d, unless the government rolled back increases in domestic fuel prices. Nigeria's labor minister warned that striking workers might lose their jobs.
The December contract for benchmark US light, sweet crudes lost 52¢ to $49.09/bbl Monday on the New York Mercantile Exchange, while the January position retreated by 45¢ to $49.17/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down by 53¢ to $49.09/bbl. Gasoline for December delivery declined by 1.15¢ to $1.28/gal. Heating oil for the same month dipped by 0.77¢ to $1.3664/gal. The December natural gas contract fell by 35.4¢ to $7.60/Mcf.
Nov. 10
Energy prices plummeted Tuesday, with the near-month futures price dropping below $48/bbl for the first time since late September. US distillate stocks fell for the eighth consecutive week, down by 100,000 bbl to 115.6 million bbl during the period ended Nov. 5, the US Energy Information Administration reported. US gasoline inventories also fell by 400,000 bbl to 201.3 million bbl in the same week, but commercial US crude stocks increased by 1.8 million bbl to 291.5 million bbl.
The International Energy Agency in Paris said the world supply of crude increased by 890,000 b/d to 84.6 million b/d in October. However, analysts at Raymond James & Associates Inc., St. Petersburg, Fla., said, "Overall, there remains no room for error within the oil markets, as lofty demand expectations and near-capacity supply should continue to drive an extremely tight equation."
December crude plunged to $47.37/bbl Tuesday on NYMEX, down from a mid-October peak of $55.67/bbl for the front-month crude position. The January contract fell to $47.57/bbl. Spot market WTI was down to $47.38/bbl. Gasoline for December dropped to $1.23/gal. Heating oil for the same month fell to $1.34/gal. December natural gas lost 12.9¢ to $7.47/Mcf.
Nov. 11
Energy futures prices rebounded in trading Wednesday on NYMEX. Analysts said that the crude market had become overextended and that Tuesday's session marked a major correction.
December crude climbed to $48.86/bbl Wednesday, while January crude rose to $48.92/bbl. Spot market WTI was up to $48.87/bbl. Gasoline for December increased to $1.29/gal. Heating oil for the same month rose to $1.40/gal. The December natural gas contract gained 21¢ to $7.68/Mcf.
Nov. 12
Crude futures prices tumbled to less than $48/bbl on NYMEX Thursday after a week that saw prices swing up and down frequently. Traders appear to have switched their attention from fears about tight US heating oil supplies to concerns about global oil supplies.
The December crude contract dropped to $47.42/bbl, while January crude fell to $47.60/bbl. Spot market WTI tumbled to $47.43/bbl. Gasoline for December dropped to $1.24/gal. Heating oil fell to $1.36/gal. December natural gas fell to $7.24/Mcf.
Nov. 15
Energy prices generally slipped lower Friday as swelling supplies countered concerns about colder weather in the Northeast and other parts of the US.
In Nigeria, a high court Thursday blocked a scheduled Nov. 16 strike by the Nigeria Labor Congress that threatened to shut down crude production and exports from the fifth-largest supplier to the US. However, labor officials said they plan to go ahead with the strike, despite the injunction.
The December contract for benchmark US light, sweet crudes dropped by 10¢ to $47.32/bbl Friday on NYMEX. The January crude contract was down by 19¢ to $47.41/bbl.
On the US spot market, West Texas Intermediate at Cushing, Okla., was down by 10¢ to $47.33/bbl.
Heating oil for December dipped to $1.3636/gal. However, gasoline increased to $1.26/gal. December natural gas lost 6¢ to $7.18/Mcf.
